By contrast, pregnancy is a state of being that is by its very nature female-only. Males cannot become pregnant, as by definition they lack a female reproductive system.
The "pregnant people" terminology implies that pregnancy is something that affects all people, male and female alike. But this is of course not true at all.
It's also not inclusive - consider that much of the sex-based oppression women experience goes back to the ability to conceive children. "Pregnant people" discards and downplays all of that.