I think it's a great foundation. Every building site will have different foundation requirements, pros, cons... it's easy to make up scenarios why it's a poor choice.
If we're talking about 50 years from now, how about a full basement with retaining walls that needed rusted out rebar to hold back the unbalanced dirt leaning on the walls? Or a sump pump that went out during a really bad storm, flooded the basement and ruined everything electrical.
I'll take PVC and XPS or EPS lasting 50-100-150 years any day. Foam generally has much greater compressive strength than the soil it is sitting on anyhow.
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