There is a valid reason, supposing the httpd (Apache) was owned by root and belongs to the group root also, and that there was a vulnerability that was found in the code itself, for example, a malicious user requested a URL that is longer than expected and the httpd seg-faulted. Now, that exploit has uncovered root access which means, it has control over the system and hence a malicious user would ultimately seize control and create havoc on the box.
That is a reason why the ownership of the httpd daemon runs under nobody:nobody or apache:apache. It is effectively a preventative measure to ensure that no exploit/vulnerability will expose root access. Imagine the security implications if that was to happen.
Fortunately, now, depending on the Linux distribution, BSD variants (OpenBSD/FreeBSD/NetBSD) or the commercial Unix variants, the httpd daemon runs under a user group that has the least privileges. And furthermore, it would be safe to say that a lot of the Apache code has been well tested enough and stable. About 49% of servers across all domains are running Apache. Microsoft's IIS runs at 29% of the domains. This is according the the netcraft survey site here.
In another context, it shows that having a program running under least privileges would be deemed 'safe' and mitigates any possible chances of exploits, vulnerabilites.
Hope this helps,
Best regards,
Tom.