I'd say the main benefit gained is sovereignty and a sense of place. This is not for personal use, but rather for a computer enthusiast association that I'm part of, so having our own git to integrate with the rest of our services makes sense. Throw on branding and link it to our SSO.

CI/CD, multiple users, container registry, and a web UI are requirements, though not much more which is why I find GitLab to be a bit over the top.

You can read their blogpost about it here: https://blog.gitea.com/a-message-from-lunny-on-gitea-ltd.-and-the-gitea-project/

It resulted in Codeberg launching their own fork: https://blog.codeberg.org/codeberg-launches-forgejo.html

Certainly looks interesting, though being able to do code review and a more full-fledged CI/CD solution is a requirement.