On this theme of it not being just about security: if you have a bug like a use after free and it happens to cover a function pointer, the nx bit can ensure that when you follow that pointer through a call, you get a clean trap as close to the failure point as possible. If it blindly executed stale bytes as code, maybe the crash and stack trace doesn't look as nice.

But then, a lot of correctness bugs like that are also security problems.