I hope they won't screw WhatsApp up, since it's pretty minimalistic and nice app.
I can only speculate: it's because WhatsApp is giving them an always-updated social graph of a billion people right now (including inferred information on people who, like me, didn't install the application but whose numbers are in the contacts books of people who did it) and crossing this information with FB data brings more revenue than anything they can do with WhatsApp itself.