I've never figured out why LAB and LUV both exist, they were created around the same time to solve the same problem. LAB is definitely more popular though.
I don't know why. I just know they do.
If I had to guess, it would be that LUV is designed for additive mixing, and LAB is not, but that is a guess educated by some dimly remembered early highschool physics along with 4th grade art lessons.