Explanation
It exists because two constraints happen to overlap: plenty of people do not want to be recognisable in a feed, and plenty of subjects do not benefit from a talking head. Finance explainers, product walkthroughs, list formats and most compilation content are all easier to follow without a face competing for attention.
The tradeoff is trust. A face is the fastest way to build the familiarity that turns a viewer into a follower, so faceless accounts usually have to work harder on a consistent voice, a consistent visual signature or a genuinely useful angle to compensate. Accounts that manage it tend to scale better, because nothing about the production depends on one person being available.
Generated footage has made the format substantially cheaper to run at volume, which is why it has become the default for a lot of new accounts rather than a fallback.
The common mistake
Assuming faceless means low effort. Removing the presenter removes the thing that was carrying the pacing, so the script and the edit have to be tighter, not looser.