Land grab builds up that pop and planet tech malus rapidly, which can make you vulnerable. In time, built- up sectors will overcome this, but expect that rapid expansion will lead to falling behind tech- wise. However, if you don't colonize now, your rivals will get it first. Not starting wars while behind in tech is crucial, as is good tactics to survive militarist neighbors until you can resume teching when expansion no longer is an option.
If you control half the galaxy, you can beat a smaller, but better teched, empire. The production advantage is just so big.