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What is the use case for “Allow Negative Asset Cost” preference in FAM module?

I think some people have used it for non-Fixed Assets stuff historically.

Pre lease module, you could run leases and/or amortization of stuff that you wanted more detail on versus using an amortization schedule.

I think if you do it that way, you make the initial amount negative to get the accounting to work right.

So currently, there's no use case for it anymore?

It still could be used for both use cases. The amortization one is probably more likely. I can see still using it for that when you're amortizing something that you want to have a "name" and other information that's available on a FAM record, but not on an Amortization schedule. The lease one in theory shouldn't be used anymore.