They're "lightweight" block ciphers; SIMON is designed for optimal performance in hardware implementations, and SPECK for software. According to the NSA PDF, "The relatively new field of lightweight cryptography addresses security issues for highly constrained devices." Indeed, SIMON is about a third of the hardware gate requirement of AES, and SPECK is about 15% the number of flash bytes. Some of the space savings is from skipping ciphertext/plaintext whitening.