It's a great lift for those attempting to enhance the mid to upper hamstrings, lower glutes and to increase TT levels "naturally".
Leg curls do not "work" the upper hams because their attachment to the lower pelvis and the sitting position, effectively prevents them participating in that particular motion.
Consequently SLDLs are a great isolation exercise for the lower to mid gluteal area and the upper hams since both extend the pelvis at the hip.
Ergo the hypertrophy which occurs provides a lift to the lower gluteal region and promotes symmetry to the upper hamstring area, something leg curls and/or squats do not accomplish, optimally.
Nonetheless I agree SLDLs are indeed a compound exercise.
Jim