Two features in particular make me feel it's helping me rather than just trying to soak up my time and attention. One is the "topic" organization, which is especially useful for conversations that span a length of time. A serious downside to HN and Reddit is that discussions flare up for a day and then become dead. Topics solve that, and have the added advantage (compared to, say, IRC) of being linkable, so I can point people to an existing discussion.
The second is the unified chronological display. This lets me catch up quickly with lots of discussions at once, as opposed to digging through a page for each conversation and then sifting through timestamps to find the new comments.
Disclosure: none. I'm just a happy user, and it's generously available for free to all open-source projects. I have no connection to Zulip or Tim, other than being fellow Recursers (which is probably how a lot of Zulip users get hooked).