High end brain death
This concept has been around since the start of storage and has had a number of various incarnations such as the former Sun Microsystems trying to convince people that all they need is ZFS for their storage.
So a couple of points come to mind right away. First, yes CPU cycles now days are way cheaper but they still aren't free so why do you want to tie up a core or more of your high end server to do what is effectively grunt work?
But secondly and most important what are you going to do if your server goes down or goes insane and decides fill in all the zeros with crayon? What an external storage system brings to the party is the ability to quickly and easily connect to multiple servers either directly or as part of a Storage Area Network. In a SAN you take a volume and move its ownership from one server to another with a few clicks of your mouse, a line or two of commands or as part of an automated script.
This is the basic reason why PCI based RAID controllers as great and fast as they can be are not recommended for every situation. You simply get a higher and better availability when you use an external storage solution.