Anjou, no less an authority than Robert Perry has written in reference to front overhang that it, like certain other traditional design elements, are
traditional because they work. I don't have the reference material in front of me, but as I recall
he spoke to the following:
1. Why turn your bow/foredeck into a 'submarine' in order to maximize lwl and mirror a look that was made popular by racing
boats? Front overhang increases bouyancy on depression of the bow into an oncoming sea on three
planes and not two (thereby reducing the tendancy to submerge/pitchpole).
2. Boats with front overhang tend to have a drier and hence safer foredeck.
3. Anchors have a much greater tendancy to bump/swing back into the topsides on a plumb bow. Yes, you can have a very extended bow roller, but it needs to be very heavy/strong in order to resist the torsional (side to side) strains that occur when under anchor in heavy conditions. To make matters worse, if you wish to have the ability to deploy two anchors off the bow (and you will), then you will need either a bow-sprit/anchoring platform in front of your plumb bow (that would be an abortion), or two long, heavy bow rollers.
Forgetting about bow sprits, for the moment (although interestingly, sliding ones have become very popular recently in performance boats), there are still some sound reasons for some front overhang on a cruising boat.