The reason hasn't been clearly articulated by RSS, but here's the TL;DR I was able to piece together, cos I was also interested. The trend is spreading btw, the HSS Matra launched in early access with PNG skins.
Pro: PNG's can be
much smaller, simpler to work with, and in some cases avoid artifacting (like striation). Also, as textures get ever bigger, Photoshop (the fat Adobe crumbling tower) and whichever 3rd-party extension is chosen to make it work with DDS, on the vast majority of painter PCs, is being pushed to the edge, esp in large DDS saves.
Con: PNG doesn't support alpha channel (which is apparently responsible/capable of effects like chrome, matte and the second coming, and while I do understand the mask, I have yet to find someone who can explain that clearly, without marketing-speak), so transparency needs to be incorporated directly into the image.
Sidebar.Here's a interesting trick. Create a PNG, and then just edit the extension to DDS.
AC will convert that to an uncompressed DDS, on the fly, and use it (ymmv)