Vitaly Bruk explains what schemabinding is and why we sometimes need WITH SCHEMABINDING in our code:
In SQL Server, when we use the “WITH SCHEMABINDING” clause in the definition of an object (view or function), we bind the object to the schema of all the underlying tables and views. This means that the underlying tables and views cannot be modified in a way that would affect the definition of the schema-bound object. It also means that the underlying objects cannot be dropped. We can still modify those tables or views, as longs as we don’t affect the definition of the schema-bound object (view or function).
If we reference a view or function in a schema-bound object (view or function), then the underlying view or function must also be schema-bound. And we cannot change the collation of a database, if it contains schema-bound objects.
I’ve only used schemabinding when mandated (e.g., using row-level security or creating an indexed view), but I can see the value behind using it with normal development.