We prefer low variance over high bias. Bias means overfitting and we want to train our little model to succeed in delivering Shareholder Value™ in a "fast-paced dynamic environment".
This is a foundational result in Probability and the Philosophy of Probability. Professor Cox showed that if you want a mathematical system of reasoning or inference (use numbers) about uncertainty (absence of predictability) that behaves in a complete (takes into account all data) consistent (many ways of reasoning leading to the same answer) way, then that system is the Theory of Probability.