In addition to being really fast, it "just works". By that I mean it automatically excludes the files I want to be excluded, like `.gitignore`d files and binary files. I know I can configure ack-grep (ag) and other tools to do that, but not needing to configure it is nice.
BTW, if anyone hasn't read https://blog.burntsushi.net/ripgrep/, highly recommended. It's about how ripgrep is so fast. (Edit: Just saw another comment mentioned this, too. Goes to show that making a single high-quality blog post has a big impact.)