The primary reason is that there are fewer distractions. The news cycle has slowed, my FB news feed is all but dead, I'm not receiving any emails/calls/chats, my roommates are asleep, and it's too late to accomplish chores like shopping or doing laundry. I'm also less likely to desire switching to another task, having accomplished them all earlier in the day. In other words, when I get into the zone late at night, I'm more likely to stay in the zone.
Another reason has to do with the pressure of a deadline. The later it gets, the stronger that nagging feeling is in the back of my mind telling me, "It's late. Go to bed." Nothing gets me working more efficiently than a rapidly approaching deadline. And, unlike most deadlines, I can continually push this one back: "1AM? Okay one more hour. 2AM? Shit, just one more hour." I can spend an almost indefinite amount of time in "deadline mode".
Of course this only works if you don't have anything important to wake up for in the morning.