The handful of provinces allow for a sizable army, and a hefty navy compared to most countries. Portugal has reasonable trade power in Sevilla, which means a steady stream of income. At the end of the day, only Castile and Morocco can create a claim for Portuguese provinces as a Casus Belli. Portugal is automatically allied with England, and Portugal is on friendly terms with Castile and Aragon, offering strong allies for potential African conquests.
Located in western side of Iberia, you’re flanked by either Castile or the Atlantic Ocean.
Portugal is by far the safest country to start as in Europa Universalis IV.