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Why even have words in the power point if you're just going to read them aloud word for word?
IRL subtitles for deaf attendees feels like the only valid reason for this.
Honestly, a deaf audience would overwhelmingly prefer to read the document themselves. Otherwise, you're just sitting there spending seconds reading the slide, then minutes of lip-flapping while they wait for the hearing world to catch up. For each slide.
Isn't there stuff you can get for lots of different phones, tablets and laptops for that?
Yes and no, live captioning software is common on phones and tablets, but we call them "craptions" for a reason.
If the speaker has a thick accent, isn't always facing the same direction when speaking, uses lots of slang terms, industry terms, or numerical data, it can really trip up the captions and sometimes it leads to a more confusion than having nothing at all.
Where as if you were basically just using the PowerPoint to display your speech so others could read along, the written words will match the spoken words.
Live captions are definitely better than nothing if you rely on subtitles, I'm only HoH so I prefer just straight up lipreading, compared to trying to lip read in order to retroactively process inaccurate live captions that make no sense.