CloudFormation is written and maintained by AWS, so it interacts seamlessly with AWS resources.
There are numerous example templates that can easily be used as a starting point for your own templates.
Tools exist to automatically generate CloudFormation templates from existing AWS environments.
Using CloudFormation confers many of the same benefits as IaC, including speed of deployments, security, consistency, and easier updates.
It's AWS only. If you have other IaC tools in your environment you'll need to manage them separately.
Many users say that CloudFormation templates are difficult to write, read, and debug due to the verbose syntax.
CloudFormation deployment output often lacks usable information to assist in debugging errors.