This is in contrast to hardware rasterization, where there is dedicated hardware onboard the GPU to decide which pixels are covered by a given triangle, and assigns those pixels to a fragment shader, where the color (and potentially other things) are computed, finally written to the render target as a raster op (also a bit of specialized hardware).
The seminal paper on this is cudaraster [1], which implemented basic 3D rendering in CUDA (the CUDA of 13 years ago is roughly comparable in power to compute shaders today), and basically posed the question: how much does using the specialized rasterization hardware help, compared with just using compute? The answer is roughly 2x, though it depends a lot on the details.
And those details are important. One of the assumptions that hardware rasterization relies on for efficiency is that a triangle covers dozens of pixels. In Nanite, that assumption is not valid, in fact a great many triangles are approximately a single pixel, and then software/compute approaches actually start beating the hardware.
Nanite, like this project, thus actually uses a hybrid approach: rasterization for medium to large triangles, and compute for smaller ones. Both can share the same render target.
[1]: https://research.nvidia.com/publication/2011-08_high-perform...