Currently, the ERC20 token standard is the most common type of token we find being used across the whole industry. We have even started to see blockchains that appeared after Ethereum such as TRON are implementing it as their default token standard. Bizarrely, the industry seems to believe a token standard first developed in 2015 would still be the best case scenario for today. Yet it has proven security risks and also incurs more fees for consumers.
From a developer point of view it is much easier to program around the ERC223 standard and from the users perspective it is a much safer and friendly token standard - especially for crypto novices. ERC223 protects consumers from inadvertently sending their tokens to a smart contract that does not support them - where they would be lost forever.
Furthermore, the ERC20 token standard uses a pull mechanism to retrieve funds. In the case of a decentralized exchange, this means traders are required to regularly submit two transactions as they first have to approve the transaction before actually being able to receive the funds. This incurs extra gas fees due to needing more network transactions, which means that the ERC223 standard comes with lower fees.