I've only used bisect a handful of times, but I think it can be most useful in large projects with many contributors.

In smaller projects you can spot a bug and often surmise "I bet this is related to Fred's pull request yesterday that updated the Foo module", but in a larger repository where you don't have all the recent history in your head you might not even know where to start looking. In such cases being able to binary search through history is handy.