And effectively useless for dimming in the upper half of the intensity range.
You could of course turn on/off leds in an exponential fashion, but that would result in an impractically large light to be able to dim properly, and with increased cost (much cheaper to assemble fewer more powerful leds than many smaller ones).
Now you can turn off leds one at a time, have 1/10th dimming, and no pwm.
The same could be done with LCD backlighting or edge lighting on displays. Additional complexity, to be sure, but no power loss.
OLED is, well.. oled. Not sure what to do there.