Traditional Publisher Versus Self-Publishing

I'd like to hear from anyone with experience about the advantages of traditional publishing versus self-publishing.

I'm having a hard time seeing a compelling reason for a lesser-known author to work with a traditional publisher, rather than self-publish, within the current state of the industry. If I'm missing something critical, I'd love to hear what that is.

Thank you.

P.S. Here's a gratuitous picture of Half Dome in Summer, Yosemite because – why not throw it in?
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