There’s three primary reasons I rarely use lindy rigs on the river.
1) – where do you get 1.5 – 8 ounce lindy rig sinkers? I frequently need 1 – 2 ounces of lead to slowly pull live bait into the current. I need quite a bit more to pull stickbaits.
2) – the dropper line from the 3 way swivel to the sinker allows to precisely set the distance my bait (livebait or stickbait) will run above the bottom. Doing that with a lindy rig is a “best guess” scenario.
3) – When you snag your sinker with a lindy rig and break off you lose the entire rig (sinker, swivel and bait which will often include a floating jighead, spinner rig or stickbait. $$$$) And you’ll need to tie 3 knots to be back in the game. With a 3 way you lose nothing but the sinker (lead is CHEAP) and in the worst case scenario you need to retie 2 knots.
The lindy rig walking style sinker has very limited opportunities for use on the river in my boat. When I want a slip sinker style rig I’ll swap that lindy sinker for an egg sinker. The egg sinker seems to snag less often.