Does XMPP support inline photo and video? Last I checked, it didn't. So why deal with the external dependency when you can re-write it yourself with additional features?
Slack is amazing. We dumped HipChat which had been in beta for 4 years! Slack had good iPhone integration (HipChat would bot give me notifications?!) Really useful integration with Trello.
Is there a technical reason for it? Is XMPP broken in some way? Or is the chat space simply full of pathological cases of Not-Built-Here Syndrome?