I am surprised no one has mentioned the 5v power typically carried in USB and possible noise introduced as such. My DAC is optimized for USB, as I use a separated high quality clock connected to the DAC. Also, I turn off (defeat) the power in the USB output in my Auralic Aries Streamer (a nice feature). In my old DAC (Tambaqui), AES was the way to go to optimize the output of my Grimm Streamer. Now, USB without power is the (recommended) way to optimize my new DAC / Clock. And clearly in my system, and to my ears, quality cables of either type make a big difference.
Could HDMI have been implemented to achieve both of these results (by the manufacturers)? Don't know. But I have used what I think is best for my specific situations.
Digital discussions are funny. Perhaps 1's and 0's lead folks to think digitally. But our hobby is not a yes / no science. Analogue gear is always discussed in gradients and subtleties, yet digital is often discussed as right or wrong.
Yes I know I did not discuss strengths and weaknesses of HDMI vs USB, only to attempt to discuss how USB can be the best for specific situations.
Happy Easter!