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The first one is, as @olarnser already mentioned, that they can´t be upgraded. This means that after some time they will become more and more useless because the more modern units are simply stronger.
Another problem of Raiders is, that they, as all line units, have a weakness to long range units. The bowman of age 2 are not too much of a problem, but a stack with two crossbowman in age 3 wipes out bands of raiders. You can of course use them in regular stacks with other units to counter that, but then they will loose one of their advantages, the high movement.
And Raiders can´t become leaders, so at the point when the other nations get better units they really will become completly useless and can´t even support other armies this way.
Another downside to Raiders is that they have no effect that benefits you on the long run. While most other paths have some things that remain useful until the end of the game Raiders don´t have that. Once they stop being useful in battle the path becomes completely useless too.
And then there is the point that it would be boring to always use Raiders, wouldn´t it? At least for me it would. What I like about Millennia is that there are so many paths and ways to play it and that you can freely choose those ways depending on the situation or what you want to do.
imo the main reason the spirit is good is that its more generous about just giving you stuff than other spirits; no having to pay 50 points up front to obtain a 10-point discount on something, taking forever to actually pay off. Raiders just straight up spams raider bands for every pick.
Raiders can be outplayed, but the AI generally isn't capable of this. Normally, one would have to declare hostilities, then wait another few turns to declare war, giving their opponent some time to react. Since the only AI settings of any real challenge hate the player by default and start with a much larger army, they've often declared hostilities before the player even enters Raiders, which makes it all too easy to declare war and take a town on the same turn.
With AI improvements, I think Raiders will be fine, and they're probably no better than decent in a PvP meta (good luck with that, as a game this experimental is bound to have a terribly balanced PvP meta regardless.)
It's not a warfare playthrough if you haven't conquered another nation by your first research in Age 2. I'm confused about your commitment to the play style. Why play warfare if you don't use your assets to win? Why a panic button? The Spartans are premium bronze age line units. They're far stronger than the Raiders, and cannot be matched in the 2nd age. What would you use these units for/ Guards?? They're excellent offensive units with a superb defense that negates the attack bonus that ranged units get, they counter-calvary, and they do the most attack dmg of all line units in Age 2.
If you get hoplites in age 3.... dear god the world is burning.
Also heavily undervalued by Raider play.... you have a strong lack of leadership and tactics options. You can't upgrade either unit.
edit: and as shoobers said, it's just too easy to get combat XP from barbarians while other empires have to crawl to get the domain XP they need to go up the tree.
On a more serious note:
1) You want your empire to be more productive instead of combative.
Raiders encourage you to go forth and conquer/pillage all around you. The other national spirits (barring Warriors and Olympians) are all about exploiting the tiles around you. Grassland = mound builders, water = seafarers, scrubland = wild hunters, hills = god-king dynasty, forests = naturalists. Warriors is essentially a hard counter to raiders with spartans and defensive bonuses blunting their advance. Olympians are all about diplomacy while generating a modest mix of culture, wealth, and knowledge--which would be great, if the 'open embassy' diplomatic action isn't bugged in the current beta build.
2) The AI will (hopefully) be reprogrammed to better manage its armies.
The AI currently loves sending its forces outside capitals and towns, even sending individual units ambling around to get picked off all on their lonesome. If the AI ever learns how to garrison its spears/archers/chariots behind city walls and town militias, raider bands are going to have a much harder time invading. When this happens, raider empires will rarely 'win' the battles they fight--nullifying the regeneration they get when winning battles. This will be even harder if the AI ever learns to attack without moving. This will allow them to inflict heavy damage on a besieging raider band without moving out of a capital/town.
3) Iron Age units will quickly eliminate raider bands.
Bronze Age Raiders only have around 20 to 30 turns before the world advances into the Iron Age. Once an empire advances into the iron age, crossbows and cavalry will kill three, even four times their number in raider bands.