Over-the-top toe straps are the older, traditional design that pulls straight down over the top of your foot and toe area. They still work fine for basic riding—they're simple and secure—but they've largely been replaced by cap-style straps for good reason.
The main downside is comfort and performance. Over-the-top straps can create pressure points on top of your foot, especially if you crank them down tight, which can lead to numbness on long runs. They also tend to sit higher on your boot, which can increase toe drag when you're carving hard on steep terrain.
That said, some riders actually prefer the feel of traditional straps, and they're often found on budget-friendly bindings. If you're a casual rider on a tight budget or you just like the way they feel, they'll get the job done. Just be mindful of overtightening and watch for toe drag if you ride with aggressive angles.