Like most things, there are pros and cons to both MMPs and Fuses and what works best will depend on your application.
MMPs are nice because they are easy to reset and tell if they have been tripped. On the other hand, fuses need to be replaced when tripped, which is a bit less convenient and can be more costly in the long term vs MMPs.
Fuses still have some advantages to consider, though. There is a chance that MMPs may not switch off quickly enough (they are still quite fast, but some applications may require faster to prevent damage) MMPs typically have a lower SCCR compared to fuses as well. Fuses are also typically easier to use when trying to meet UL standards as well. Fuses are also able to work with a larger range of motor power ranges. Depending on input voltage, motor drives larger than 15-30HP simply may not work with an MMP.
Basically, fuses tend to be an easier, more compatible bet, but MMPs are still definitely worth considering for use with smaller motors.