At launch it really was that, and of course the history and ability to read what happened while you were gone. Which is a killer feature to be clear. I have irssi running in a tmux window on an RPi so I mostly don't miss much. But even irssi lacks the "start at oldest unread message" functionality (or I haven't figured out how to do it / where to get the plugin). So Slack was valuable from the start on usability, especially for the non-grey beards among us.
Once they added threads and emojis and all the other workflows and integrations, it really became a more differentiated product. But I still like IRC old man yells at cloud 👴