That's because you can't always find lily pads. What if you're in a buffet world or a superflat? The only other way to get them is from fishing, and until recently, lily pads were considered a treasure item.
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0 ups, 4y,
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What if it isn't buffet or superflat? Just go to a swamp and profit.
Why is getting a slime ball for four emeralds a problem? You could just give him 36 emeralds and he’ll give you 9 of them so you can make a slime block.
One useful wandering trader encounter I've had was when I traded for sea pickles and coral blocks so that I could grow the sea pickles, and then use them to brighten up the river.