There are problems which are easy to solve with dependency injection which are not so easily solved with a suite of factories.
Some of the difference between, on the one hand, inversion of control and dependency injection (IOC/DI), and, on the other hand, a service locator or a suite of factories (factory), is:
IOC/DI is a complete ecosystem of domain objects and services in and of itself. It sets everything up for you in the way you specify. Your domain objects and services are constructed by the container, and do not construct themselves: they therefore do not have any dependencies on the container or on any factories. IOC/DI permits an extremely high degree of configurability, with all the configuration in a single place (construction of the container) at the topmost layer of your application (the GUI, the Web front-end).
Factory abstracts away some of the construction of your domain objects and services. But domain objects and services are still responsible for figuring out how to construct themselves and how to get all the things they depend on. All these "active" dependencies filter all the way through all the layers in your application. There is no single place to go to configure everything.