Biomed is the creation of a marketing department and little else. Essentially anyway.
You can do all the subjects the biomed kids do in a science degree. Quite often, same lecturers, very similar content. It's not like they're going to withold knowledge from you just because you're in a science degree. You still will learn the same stuff.
The upside of a science degree is greater flexibility as well. In biomed you're forced to take a long list of core subjects, partly because its part of their idea of a "comprehensive program" which is fine but its nothing you couldn't actually decide for yourself to do in science (rather than have the uni decide for you and be locked into it). In a science degree you have much more room for electives as well (i've done philosophy...history...astrobiology...and more philosophy over summer). Indeed, in the monash Bsc anyway, you have so much latitude it's possible to have 2 majors in your science degree and one of those majors can be even outside science (which im not sure you can do at UoM). So, you could get a Bsc majoring in Biochemistry AND French for example. If you really cant make your own decisions in life, biomed might be for you but otherwise, you can pretty much do it all in science along with a lot more choice and freedom.
If you told universities a fair while back they could just rename a degree and suddenly double their enrollments AND attract a bunch of high achievers, they would of (potentially) looked at you funny. Biomed does just that though. It's a creative repackaging of science. It's good for the university, they get more students, i'd say a good 80-90% of the cohort is there on the false hope they'll all get into medicine and someone else will miss out. Clearly, a large proportion of these people won't get in and yet they were all hoping to, thats why they chose biomed. Lets not forget all the science students out there either (not to mention arts, etc also applying for med). The science and health faculty have doubled their enrollments too just by changing the name. Good for the university, good for the faculty. A tad bad for the student. The market already has way too many graduates in general in my opinion. This isn't helping nor is selling the false hope.
I think a lot of people fall into the category of doing it just because they can or for the prestiege or to please their family.