Bypassing is usually overspecified because the underlying problem is severely under-analyzed. Not only do designers rarely if ever determine the impedance of supply rails at every point of use, but manufacturers probably don't even have a clue how low the impedance should (or shouldn't!) be, or even if they do, it's never listed in the datasheet.
Using multiple caps will always make things better on average, but can make things worse at certain frequencies. If you have two somewhat distant loads on a supply rail, each bypassed locally, and the supply is routed as a long trace (maybe a trace over and within a stitched ground plane, in typical 2-layer construction), then you will get an LC series resonance between the two, the capacitance being the two in series, and the inductance being the loop made by the trace over ground. With ceramic caps, the Q is enough to disturb things.
A single central cap might be preferable, as long as the traces aren't too long for the operating frequencies and harmonics at each load.
There are some reasons to use little bypass: if the supply voltage must be quickly variable (why, I don't really know, but there are some parasitic-power sorts of applications where it may come in handy), you can't tolerate much capacitance, because it will load the source. Such circuits probably don't need much bypass anyway, because they are full of current sources (consider the circuitry inside a TL431, or an op-amp, etc., and the things they do to achieve a wide supply range with consistent characteristics).
Or, if the circuit must shut down instantly upon losing power. Or if it's low power, it may not need much at all.
Other reasons you might still want bypass caps: ESD and surges, for one -- without capacitance, these transients must be absorbed by a TVS, or worse, avalanche in whatever components give way first.
A battery powered application probably won't benefit from electrolytic caps (which also means it won't have much intrinsic resistance to surges, sans TVS), but a line or SMPS powered device probably will need them.
Of course, at high power, the impedances get lower, and you'll need electrolytics again, so if you were hoping to get away without electrolytics in your next electric vehicle project, think again.
Tim