I think there's a glut of frameworks and it causes a lot of confusion.
But there have been a lot of cases where a framework got updated and caused huge problems on production sites.
Case in point: When Angular went to... I think it was v2? Anyways, it was a major update. I had a friend and a client, both using the previous version of Angular heavily and big sites worth a lot of money. The move to the new version meant their current version had an end of life and they had to move along. It forced them to spend a lot of money on the update.
A custom framework feels like it can avoid that issue because you maintain what you need and you are in charge of breaking or not breaking your site.
That comes with trade-offs and it's not always worth it.
There's some use in a custom framework, for sure, if not for anything else but for not having someone else put a gun to your head, so to speak.
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