What?
Of course there are. The pro is that you will free up a little bit of flow, meaning a bit of extra performance and definitely a lot more sound (louder pops and bangs, more burbles).
The con is that, once the GPF is removed, you need to map the sensors out of the ECU, which leaves a footprint on the unit. So next time you go into Hyundai for engine warranty work, they will read the ECU and simply deny it (hence why a lot of people use tuning boxes for their Stage 1 tunes).
Trust me, we all want to remove our GPFs here, but there is a reason as to why most don't do it. Chucking 5 years/Unlimited mileage warranty out the window is hard to swallow.