Around 2010 Google, Facebook, MySpace, even OkCupid were all running on the XMPP standard protocol. The corpos were generally bad stewards not following protocol updates, implimenting features in incompatible ways, & eventually realized there was more to gain be defederating forcing folks to use their platforms & let those corporations siphon the (meta)data of messaging.

What gets me is why they saw the need to invent yet another similar protocol with XMPP still being feature rich, battle tested—as well as Matrix to a lesser extent—unless they already have their plans on how to circumvent the system & repeat this same cycle.