Higher action means less interference from frets, magnets etc. and it also makes the intonation less accurate which may give a better tone in some cases as well with more lively and varying harmonics due to variations in tune. The only problem I can see is the latter, high action can make intonation hard to adjust and maintain while playing.

I do a lot of bending all the time, both chords and notes, and thus I don't set my action as low as possible...I hate it when it's so low the strings slip underneath the fingers when bending. The taller/bigger the frets, the lower the action can be, but then again that may cause problems for some players (for instance I used to not be able to play jumbo frets and sing at the same time properly, I'd always press too hard at times and go out of tune) but in recent years I haven't found that to be a problem no more.