Because of what Google did with Google Talk. https://ploum.net/2023-06-23-how-to-kill-decentralised-netwo...
XMPP is underrated. A lot of people are imagining Pidgen in 2011, but the protocol has been extended, the actively developed clients are good, and it avoids the heavier parts of Matrix (both client and server side.) I wouldn't be surprised if Slack's replacement when Salesforce inevitably fucks it up will be XMPP based rather than Matrix.