- is easy to implement
- is supported by Debian, gcc, etc..
- is virtualizable
- scales from embedded systems (e.g. compressed MIPS16 ISA) up to huge shared-memory multiprocessor systems with hundreds of CPUs
Like RISC-V, MIPS traces its lineage to the dawn of the RISC revolution in the 1980s, though on the Hennessy/Stanford side rather than the Patterson/Berkeley side.
And it was supposed to go open source: https://www.mips.com/mipsopen/
but that effort sadly seems to be dead: http://mipsopen.com
That's really too bad. MIPS doesn't deserve to die.
Fortunately as mentioned above it will live on as long as there are PS2 consoles or emulators around.