Setting null or an empty object for a required prop can be considered a bit of a bad practice. If the prop is required, but has a default value, there is nothing actually enforcing it to be required at this point. See this tweet from Cory House for more about this.
Now if the prop is not required, and you want to add a default prop, I can make the argument that null is easier to work with than empty object because an empty object is still truthy which makes for slightly more verbose if checks, whereas null is falsey, making for for more concise if checks.
UPDATE BASED ON COMMENT:
better than having an empty object or null, might be to actually have data that represents the real thing. For example if I have a prop that looks like this.
const person = {
cars: []
}
I would not want to set person as an empty object or null by default, since indexing in to person.cars will cause me to blow up, but if the shape is there, I can be sure I wont blow up even when the data isn't there yet.
null, and you have to check for it before doing anything with it, or things blow up. Are there reasons? Sure, but it all boils down to the null-object holy wars, and what your own point of view is.