Is there any option other than Component Based for game architecture?

Having read a lot recently on Component Based systems (for games), i find it hard to go back to my earlier state of mind.

If static object hierarchies fail to model "objects with a dynamic set of properties" then:

1. Why are they even used for in the first place? (in game dev and software engineering in general).


2. Is there any other option other than going Component Based to realize a more dynamic and flexible object model ?