Once you do, why not just use slides since you're recreating the experience and using them in the same manner?

Would you pad the pages? How would you know what's enough padding depending on screen proprtions/rotation during presentation? How do you align the "scroll step" to match your presentation padding?

If you address all of these, I think you end up with something that looks like a presentation, but the panels have a "slide up" animation/transition to simulate scrolling. So I guess this slide transition could end up being a compromise for people who really want that effect

You can, but at that point it’s much easier to break it up by slide, at least with the tooling we have that’s targeted at giving such presentations.

You can, however unless you've got significant padding, the previous information that is scrolled up (but still visible) is still there and possibly distracting.

If you are padding sufficiently to have only the content that you want visible at one time, you've got a slide - and other tooling is better for presenting slides.

If you're scrolling a document, the most recently revealed line is always at the bottom, which is often the least visible part of the screen if you have a large audience.