Why you should have a valid working from and reply to rather than a non-functional or "no-reply":
1) Encouraging engagement is key to maintaining a positive reputation. It demonstrates credibility to ISPs when recipients engage with your email and replying to your email and adding your address to an address book are both ways to get some positive reputation points. It is not likely that a subscriber will add "no-reply" to an address book.
2) Some subscribers will reply to unsubscribe. If that fails, they are likely to complain, which decreases your sender reputation.
3) You'll be able to capture out of office notifications that can help you clean up your database by identifying invalid addresses, like employees who no longer work for a company or to identify changes to the recipient's domain when a merger or acquisition occurs.
4) Imagine talking all the time to someone but not allowing them to reply. That's a bad relationship. That's the same message a no-reply sends to a subscriber.
5) It is important that the From Address be a valid email address, some filtering systems are validating that this is a real address that will accept mail. If the address is not a real email address this can cause mail to be blocked or undelivered.
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