As a side note: goto is often used in code golfing (the act of trying to write a piece of code in as small amount of characters as possible) because well, it's shorter than writing 'while(1)' for example.

In the case of PICO-8 (and by extension Lua) it's the difference between "::x:: do stuff goto x" and" while 1 do do stuff end" which is 2 characters longer