Its a valid question. Presumably w/c's perform two functions... Replacing important things missing (like traces), and removing bad things otherwise not removed.
Regarding the former (removing the missing), I personally believe that can be accomplished without water changes. I add traces regularly. Just a little squirt every week or so.
But the latter - removing bad things not otherwise removed is the rub. Granted, carbon, GFO, and protein skimmers, and even (God forbid) turf scrubbers or macrophage, remove a LOT. But they are imperfect, and allow many nasty things to pass through their filtration, and build up to unacceptable levels. An example is heavy metals that make their way in through food. Sounds silly, yes. How much mercury gets in from my food? In a day... Probably unmeasurable. In a few years... Likely too much. But that's just one example.
Bottom line, w/c's value can be less about what you need to replace than what you need to take out.
But don't take my word for it. Go find one, well documented, SPS heavy tank that has had no water changes for five years. I've personally seen nothing to indicate such a beast exists. To even back off that and just find a really nice (good coloration and growth) SPS tank with no water changes for just two years would be QUITE a find, IMO.