There are many ways to discipline children. Parents can choose ways that suit them as individuals and that fit their beliefs and values. Letting children suffer the consequences for their behavior is just one of many discipline methods.
Children learn from experiences, just like adults.
The child learns that every act has a consequence. And, they learn to be responsible. Parents can declare that the consequence of not coming to the dinner table on time to eat is that the child does not eat dinner that evening. Hunger is a natural consequence of not eating. It's too bad, but you'll have to wait for breakfast.