Borrowing preserves exposure at the moment the loan opens, but it creates an obligation that needs managing. If collateral value falls too far, liquidation can sell that collateral to repay debt. Lenders also bear the risk that a liquidation cannot recover enough. USDG's dollar denomination does not remove those lending risks.
Source: https://docs.morpho.org/developers/borrow/concepts/liquidation/

A holder should be able to see which tokens are accepted, how much USDG is available, what the loan costs and where liquidation begins before committing collateral. A lender should be able to identify the exposure they are funding. Those questions guide the HockFi interface as much as they guide the markets behind it.