Plants in general aren’t so specialized like animals are, they’re pretty simple because they don’t have things like organs to run. So it’s a lot easier to play with their genes than with animals. You can even use cuttings from a totally different species and graft it onto the rootstock of another species. This is how we get dwarfed fruit trees (Such as oranges, which are usually grafted onto a non-edible orange species)
Hybridization in plants results in a far more attractive plant and “better” plant such as the mule palm, which has the best traits of both parents (the green color of the Syagrus and its “straighter” leaves, but the hardiness and single plane pinnate fronds of the Butia). But as i said before at the expense of not being able to reproduce.