A text based language would be easier for beginners (since they wouldn't need to install a separate shader compiler) and would avoid sites that need dynamic shaders having to download and run a shader compiler in the browser.
Using SPIR-V bytecode would benefit from a large amount of work put into an existing standard and an open source compiler ecosystem that many companies are already using.
It looks like a decision has been made to accept a text based language, but one that is defined based on SPIR-V semantics and is easily convertible back and forth from SPIR-V. This seems like a great trade off since if it works out it should have the main advantages of both approaches.