Pretty-much none. No logic at all. Lots of Monkey-See, Monkey-Do.
SOME folks want the lifter plunger near the top of it's travel, so it can't "pump up".
SOME folks want the lifter plunger near the bottom of it's travel, so it can't "leak down".
GM lifters generally had lots of plunger travel, and put the plunger well-down from the top, so the valvetrain could wear over one or two hundred thousand miles, and the lifters wouldn't be noisy or cause problems.
SOME aftermarket "high-performance" lifters have restricted plunger travel, so that when they're adjusted properly, they're near the top of the travel AND they're near the bottom of the travel. But these lifters cost extra, and they aren't really what a person would want for high-mileage use.
For the record, when dealing with hydraulic lifters, we're not talking about "Valve Lash Adjustment". We're talking about "Lifter Preload", since the valve lash is "zero".