IETF standard, massivelly used (video-games https://xmpp.org/uses/gaming/, IM https://xmpp.org/uses/instant-messaging/, social...), modern features, managed by a fundation with a good ecosystem and plenty of alive projects: https://xmpp.org/software/ .
Yes its not perfect, yes there's still things to improve, but the clients are there, working, on many platforms. The server-S (yes several of them!) as well, they can scale, they can adapt to many use cases.
Matrix did a few things better than XMPP (the Spaces/Servers things, that XMPP is still figuring out), but for most of the rest... well.
Oh and there's also many bridges on XMPP, maintained by different projects, and they don't need 100K$ to stay alive :)