
wabi-sabi shot in black and white with a Fujifilm X100VI camera in film simulation mode using Black & White + Ye Filter
Don't worry, I have asked myself this question before so you aren't alone. The quick and dirty answer is that most of the time I shoot in color and then convert to black and white in post production. Occasionally, I decide to shoot in black and white as I did for the image above with my Fujifilm travel camera which has special filters that simulate various Fujifilm black and white films.
The decision isn't as limiting as it once back in the day when you were shooting with film. One of the advantages of digital photography is to be able to go from shooting in color to black and white with the flip of a switch. Now, my decision is based upon my subject, what story I trying to tell, and what type of light I have. The tree above fascinated me and was a far better image in black and white than in color for my purposes so I went out shooting in black and white. It was in London on a cloudy day (shocking, right?) so I knew that black and white would be the right choice for the story that I wanted to tell.
Unsurprisingly, I normally shoot in color but have found on more than one occasion that a good image can be made into an exceptional image by converting it to black and white in post.
Here's why. The three main reasons to print in black and white are to emphasize: contrast, shapes and textures, and composition. One of the most obvious differences between the two formats is the amount contrast in black and white. And in a good image, the interplay between light and dark tones becomes more obvious. Secondly, without color the brain finds it easier to observe shapes and textures and this allows patterns, lines, and surfaces to become more pronounced. This I find useful in nature photography especially in forests and around lakes, waterfalls and streams. Lastly, and perhaps most important of all is a good black and white image has a profound and powerful composition. In plain English that means without color to “distract” the viewer, structure and balance fundamentally stand out.
See the images below from Iceland shot at 1/3 of a second, the original and then the converted black and white.

caught hiding shot with Nikon D780 camera in color in iceland

caught hiding shot with Nikon D780 camera in iceland and in color then converted to black and white in post processing
By the way, if you are interested in having a look at the images in my black and white gallery, just click here.
To me, the brownish streaks in the water are distracting and take away from what I want to show in the image which is the chunk of ice hiding under the waterfall. In black and white, the brain is drawn towards that chunk while enjoying the pleasing smoothness of the waterfall. In the color image, however, the brain sees the brownish streaks in the waterfall and perhaps is left wondering why they are that color while only just noticing the ice chunk instead of focusing on it.
Some time ago, I read that black and white as a medium is important because it eliminates the "distraction of color" and that phrase resonated massively. Think about it - color actually can be a distraction depending on what the photographer wants to convey to his audience. The images below were taken in the Faroe Islands during a rainy, foggy, and overcast trip. In the end, I found that black and white best captured the story I wanted to tell.

moody cliffs shot in the faroe islands with a Nikon z8

moody cliffs shot in the faroe islands with a Nikon z8 and converted to black and white in post-processing
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I will leave you with one last photo to which I decided to add grain after converting it to black and white in post. Grain reminds me of the old days of Tri-X film and adds a bit of nostalgia to a black and white image if used correctly. Furthermore, working with grain can enhance various elements of composition and contribute to a desired look and feel which is why I added it to the image below. It wasn't too hard to do as I was already shooting at an ISO of 6400.

using grain as a compositional tool in the faroe islands with a Nikon z8
As a photographer you can never forget about the story you are trying to tell. Just as a writer carefully chooses words to convey a specific meaning, a good photographer chooses his composition and medium to do the same.
At the end of the day, this is all very subjective. What I think is good can and will be different than what other people think is good and that's totally ok. Artists create and people either feel touched by it... or not. After all, that's how art works isn't it?