The RSL shading language was also causing a rather large overhead of shading time as it was an interpreted language that could no longer amortise its runtime cost over a shading grid of points using SSE - in path tracing, you generally shade one point at a time per ray vertex, although you can batch them up in some cases (but without significant ray re-ordering and deferring, after the first bounce this becomes less and less useful).
Disney also use Ptex for texturing, which doesn't really like incoherent shading points, so that was another reason to put effort into doing large scale re-ordering of rays and batching them up.
The main problem with RenderMan before version 19 was that it didn't have a good acceleration structure and that you basically had to implement a path tracer in RSL on your own. Pixar wrote a path tracer in RSL for Monster's University, so Disney could have just used that. I doubt that they would write their own renderer if they could have just asked Pixar to implement a better acceleration structure in PRMan, so there were obviously different reasons too.
I think Ptex was an important reason for them to write their own renderer, as they seem to put a lot of focus on textures in their paper on the architecture of Hyperion [2]. Hyperion's architecture also allows them to use packet tracing and to load and subdivide geometry on demand, which is also really great.
[1] http://www.realtimerendering.com/resources/RTNews/html/rtnv1...
[2] https://disney-animation.s3.amazonaws.com/uploads/production...
[1] http://www.fxguide.com/featured/disneys-new-production-rende...
Even so, they could have made it with renderman. Presentations saying 'this wouldn't have been possible' are more marketing than reality. It was more likely to be a combination of the right time to pitch creating a new ray tracer to see how much could be gained through batching while also having a renderer they could control and make sure was modern.