Short answer: the value no longer comes from ranking. It comes from click-through and from being memorable.
Since 2012, search algorithms haven't treated a keyword in the domain as a ranking signal on its own. But when two links sit side by side on a results page, the address containing the searched phrase gets clicked more. The gap looks small and compounds across thousands of impressions.
The second effect is on the ad side. For an ad targeting the same keyword, a display URL that matches the query helps both quality score and click-through, which pulls cost-per-click down.
Third, and most important: people remember what they can describe. A name heard on the radio, seen on a sign, or passed along in conversation can be retyped if it's descriptive. For a brand, that's advertising budget you don't spend in the early years.
So exact match isn't an SEO shortcut. It's an asset that lowers marketing cost — which is exactly why it carries a price.