For some use cases, it is of the utmost importance to have good traceability. Think of companies such as banks and insurance companies who have to adhere to strict policies because of legislation. Since TFVC is a centralized repository type, its traceability is quite good out of the box. All change operations are recorded on the server and performed only by authorized individuals. There are direct links between issues, bugs, boards, and backlog items.

With Git, it is possible to setup the same system, but you need to make sure that your centralized repository enforces some extra checks and handles linking between entities (issue tracking in GitLab, for instance). By default, anyone can change the history of a Git repository, so out of the box, the traceability in Git is not very good.