Uh, methinks you haven't really used tool chains designed to maximize the value of RAW files. The camera's built-in processor does way the hell more stuff than just compress raw pixels into JPEG. White balance is a huge one, along with level curves, sharpening, and a bunch of other stuff. Much of it either one-way or very hard to unwind. And as others have pointed out, most RAW *is* compressed, just lossless.
So yeah, you can fix white-balance in a JPEG, but it's way simpler and more accurate to set the white balance if the pixels haven't already been misbalanced in the first place. Ditto for exposure. Most tools that deal with processed JPEG's don't even have an exposure adjustment---quite often the same tool that does both file types will have an exposure slide if it's RAW but not if it's JPEG. Sure, you can futz with brightness, contrast, levels, gamma, etc to correct an under-exposed shot. But sliding over to +2/3 for a slight underexposure is one click and you're done.
As a guy who has deep-drilled many a software engineering discipline in his 25 year career, and shot tens of thousands of frames as an amateur enthusiast, you can pull me out of the "photographers who don't understand the tools" pool thank you very much.
I have gone back and forth between JPEG and RAW over the years. There have been periods where, with two small children, I simply didn't have time to invest in RAW processing. And I was pleased the neutrality of the DSLR's processing anyway. Other times I knew I was shooting in challenging conditions, and set the camera to RAW+JPEG as a safety net. I've rescued many a shot that way. Recently I've been putting mileage on Lightroom and can extract an immense improvement out of the RAW's that would take me 4x the time to do if they were JPEG, and probably not end up with the same result. I now have more time to invest and the payoff is real and significant.