How does it work? Why is it so easy?
The SS7 (https://en.wikipedia.org/wiki/Signalling_System_No._7) does not have any authentication so anything over the telephone networks can be easily MITM'd.
And at provider's stores they are too eager to please a "customer" so social engineering is very effective at swapping SIM cards out and hijacking your number.
I don't know too much about the SMS protocol. But I do know that most protocols do start out plaintext because programmers are lazy and optimistic.