Why is DeFi so popular?

Could you elaborate on why DeFi, or Decentralized Finance, has become so popular in recent years? What are the main factors driving its widespread adoption and appeal? Are there specific benefits or advantages that DeFi offers that traditional financial systems lack? How does DeFi's decentralization and transparency contribute to its growing popularity? And are there any potential challenges or risks associated with DeFi that investors should be aware of?