Rationale
Because of storage and transmission limitations, there is always a desire to reduce (or compress) the signal. Since the human visual system is much more sensitive to variations in brightness than color, a video system can be optimized by devoting more bandwidth to the luma component (usually denoted Y'), than to the color difference components Cb and Cr. In compressed images, for example, the 4:2:2 Y'CbCr scheme requires two-thirds the bandwidth of (4:4:4) R'G'B'. This reduction results in almost no visual difference as perceived by the viewer.
Read more about this topic: Chroma Subsampling