Why don't we use the knife tool?
Yes as Martin says, in Blender there is always various ways of doing the same thing, you just have to be the judge of what's the best approach according to your situation and that comes with experience. Good thing is there is no wrong way, more like a more efficient way that none.
I HAVE used the knife tool. It just does not pop to mind too often. Usually, I use the loop cut shortcut. I guess it comes down to personal preference.