Always thought it was silly but I'm sure someone here has one. What are the pros/cons?
Depends.
There are multiple levels of rice cookers, starting at out the basic crockpot-style models for like $20. The best ones are computerized rice cookers (~$150). I had one for many years & it was fantastic. It did a great job not only for cooking rice, but for keeping rice warm all day. That was nice because my living situation at the time was such that all of my housemates & I were eating at random times of the day, so you could walk over, get a big warm scoop of rice, toss some leftovers on it from the fridge, and have a quick meal. They also have higher-end computerized rice cookers that are also pressurized ($300 to $1000+). Those do the best job, but you really have to like rice to spring for one of those.
The alternative is the Instant Pot, which is an electric pressure cooker. It's basically a faster crockpot, and can do more stuff than just a crockpot or a standalone rice cooker can. It makes fantastic rice, but it's not so good at holding the rice all day. I eat based on a meal plan now, so I ended up getting rid of my dedicated fuzzy-logic rice cooker & just using the Instant Pot for preparing rice these days.
Both are good, it just depends on how you plan on using it. If I had more room available, I probably would have kept my computerized rice cooker. Although those also take longer...like 60 minutes to make rice vs. the Instant Pot, which takes 20 minutes. Of course, you can get a pressurized rice cooker, but those cost at least twice as much as a regular induction pressure cooker in most cases, so it depends on what your goals are & what your budget is.