The primary differentiator is that MCP includes endpoint discovery. You tell the LLM about the general location of the MCP tool, and it can figure out what capabilities that tool offers immediately. And when the tool updates, the LLM instantly re-learns the updated capability.
The rest of it is needlessly complicated (IMO) and could just be a bog standard HTTP API. And this is what every MCP server I've encountered so far actually does, I haven't seen anyone use the various SSE functionality and whatnot.
MCP v.01 (current) is both a step in the right direction (capability discovery) and an awkward misstep on what should have been the easy part (the API structure itself)