This is very similar to what others are saying but I'll reiterate... 😆
Pros
You're your own boss, [for the most part].
Unlimited 🚽 breaks 😂
Higher sense of achievement and fulfilment working for yourself (at least for me).
You can decline work for any reason.
Cons
No fixed income, no guarantees of work tomorrow.
You're relying heavily on algorithms and robots, and hoping they work in your favor, which is a daunting thought.
Some buyers may ask for free extras and take advantage, knowing you want to do everything you can to satisfy their needs. Fortunately, most people are not like this.
Having to do your own taxes (here in the UK, your employer does it for you).