One of the reasons you might use a buck converter instead of a linear voltage regulator is increased efficiency.
Suppose you had a load that required 5 volts at 10 amps, or 50 watts.
If the supply was 50 volts, a regulator would supply 5 volts at 10 amps by taking 10 amps from the supply, dropping 45 volts across itself and delivering 5 volts as output.
The input to the regulator would be 500 watts, though, (50 volts * 10 amps) so the efficiency would be 10%. The other 450 watts would go to heating up the regulator.
A switching buck regulator would take a little more than 1 amp from the supply and deliver 5 volts at 10 amps to the load. The input would be a bit more than 50 watts, depending on the efficiency of the regulator. Efficiencies of better than 80% are possible.
They cost more than linear regulators, and they can generate noise, but switching regulators produce excellent gains in efficiency and reductions in weight of power supplies.