Pardon me, grepper, but I don't think that you're question is obvious, and it's certainly not stupid or even sophmorish.
I wasn't poking you with a simple answer at all. I just boiled it down to answer your "simple question". Now you're gonna get it.
The reason you hear so much about compounds is simply because they really do work better than anything else for finishing and maintaining whatever type of edge you like, especially with the newer abrasion resistant steels.
Don't let the plethora of compounds stymie you. There are only a handful of different types, but the range of particle size is pretty enormous.
A decade ago there weren't many choices of abrasive compounds, and most guys were actually using buffing compounds. The most common types were black emery and green chromium oxide. Neither of these were meant for leather, but leather has been a most effective substrate for hundreds of years. Only very recently have synthetic hones come into play at all, and their existence precipitated from the quality of extremely fine abrasive found in high end compounds.
We can skip buffing compounds completely. Even the type of grit in buffing compounds has been totally eclipsed. Emery and CrO have been replaced with diamonds and CBN, in compounds that carry the "supergrit" at near saturated levels. Buffing compound hardly has any grit in comparison.
There is exactly one exception. Ken Schwartz has formulated diamond buffing compound with a high enough concentration of diamond grit you can almost give it away as jewelry.
I categorize grit particles into two basic types, polishing and cutting. Boron Carbide (BC) is the least abrasive supergrit. That means the particles are relatively smooth, so they don't cut very aggressively. This makes BC best suited to polishing and deburring.
Cubic boron nitride (CBN) has harder, sharper particles, so it cuts more aggressively, especially with modern, abrasion resistant steel, but still polishes and deburrs well as it breaks down into smaller particles.
Mono diamond abrasive is probably the oldest supergrit. The particles are about as sharp and aggressive as CBN, but it doesn't break down as quickly, so it cuts more than it polishes. This means it leaves it leaves an edge with tooth, so I put it into the "cutting" category rather than polishing.
Poly diamond is the most aggressive supergrit. The particles are jagged, and they cut more efficiently. Poly diamond compounds work quickly and leave the most tooth of all.
All of these abrasives are available with different size grit particles, and this is where we get so many compounds. I have 80 micron CBN (200 grit), down to 0.1 micron (160,000 grit). I have poly diamond compounds from 16u (1000 grit), down to .025u (640,000 grit).
Since I've been using compounds for so many years, I have quite a collection. As newer compounds became available, I wanted to try them. As the envelope widened, I wanted to see how far we could go.
Thanks to my great friend Ken Schwartz, the Kompound King, we went there and back. It's been a great ride.