In many cases, we use a List simply as the default collection, rather than for a specialised purpose. In such cases, it would be worthwhile to use an Iterable, or a Collection, to improve the flexibility of the library.
E.g.
public interface Configuration {
...
List<String> getDownsizeTarget();
...
}
In this case, the method likely does not need to return a List. In all likelihood, Iterable would be an acceptable substitution.