I suspect that people don't think about it too hard and presume that they should have only one model - that is that their REST model should map directly to their DB model which should map directly to their internal domain model (the idea that there might be two-or-more-domains and not-all-of-them-are-public hasn't even yet crossed their minds).
When you realize that sometimes your REST model may be a view-model that maps to a different storage model optimized for online-transaction-processing, neither of which map to your internal domain model directly (there are adapters for that) _then_ you get somewhere ... but of course you then have to fight off the `transformToRestModel(transformToDomainModel(retrieveDbModel(theId)))` when the three models happily coincide for a time.
A REST endpoint can be analogous to a specific method in code. just as much as a GraphQL field.
What people are excited about is that the frontend can request all the data it needs at once and the backend can efficiently serve it. Something not possible with REST without reimplementing something similar to GraphQL.
It's definitely possible, just not without tight coordination between frontend and backend. When your development teams are broken into silos with strong separation, this isn't feasible and GraphQL starts to make some sense. Otherwise, you just create an ad hoc endpoint that serves the exact data you need and call it a day.