What is the reason for Canonical choosing and maintaining PPAs?
PPAs were originally intended for testing purposes when they were introduced around 2006 or so.
Very quickly, many folks realized that they could use PPAs as a method of independent distribution instead of contributing the code to Debian or Ubuntu, and it has been so used by some ever since. But that was unanticipated. That desire of some developers to cut distros out of the process was also one of the criteria for Snap package development a decade later.
Is the system associated with advantages that might make it more compelling than certain alternatives?
Yes, for the original purpose of testing: It's still a great way to incrementally test fixes and new features with the goal of pushing those improvements to Debian or Ubuntu.
No, as a method of widely distributing software. It's easier than meeting Debian standards, but those standards are there for very good quality-related reasons
An alternative system might be one that aggregates the contributions of all publishers into a single repository
It exists. It's Debian Unstable. Anyone who meets Debian's standards of trust can upload their software to Debian. The resulting packages will merge to Ubuntu automatically when it enters Debian Testing.
The Debian method and standards provide two major benefits:
Quality: Software is mostly independent of the OS on other platforms. But not in a Debian-based system. OS and applications are tightly integrated, and a huge amount of volunteer testing and patching occurs to ensure applications work as intended in the desired environment.
Trust: The uploader has a reputation for trustworthiness and competence. Users are likelier to get software that is safe and secure.
Quality and Trust cannot be assumed or handwaved. They are critical components of any kind of repository system. Any serious proposal must address them realistically.
Ubuntu was designed from the beginning to be a complement to Debian. We draw packages from Debian and we feed back volunteers and developers and code. We help and support each other. The venn diagram showing Ubuntu Developers and Debian Developers has a large overlap.
A community Ubuntu repo would duplicate the quality and trust efforts already being done by Debian...for no significant benefit. Here at AskUbuntu, when developers ask how to upload their software to Ubuntu, we often send them to Debian as their starting point.