I've been in this hobby a long time and after recently having to choose between the two apps in question I'll throw my thoughts into this discussion.
I chose Hypermap over LEDblinky. LEDblinky is very powerful and can probably do everything I want and more. It's a bit more complicated to setup and it appears to have a license cost. None of those are necessarily a negative, I just didn't see the need to go down that path. Hypermap was easy to setup, did everything I needed to, and didn't have a license cost. I actually liked using Hypermap, there's probably one or two features that would be nice to have, but overall it works well and I even though there is a pretty interface I can still configure everything how I want it behind the scenes.
As for the general discussion about people writing the same software, I've got no problems with that. BYOAC has always been a good way for people to have a good discussion, share ideas, and for some a way to learn and/or develop their skills as a programmer or developer. There's not much of a better way then writing something that someone else has done, but doing it a little different or writing it in another language. If anything, the only gripes I've had with SW development here is there isn't more open source software or open source libraries. I've always thought it would be more helpful if some of the old timers, and I'm looking at you Howard, had basic tutorials and example for our young programmers. Simple crap like a library to parse the MAME XML and explaining what you can do with that. Taking that and rewriting it in another language just to learn or share or using common libraries across multiple projects always seemed like it would of been a lot more productive for the community.