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It has a nicer verification system than Signal and actual support for multiple sessions with cross-signing. End-to-end encryption works incredibly well in Element but not so much in other clients. Does leak significantly more metadata than Signal largely due to federation, etc.
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The freenode incident drives the point home that direct messages and other non-public rooms need to be end-to-end encrypted rather than trusting the server. It also shows the importance of Matrix rooms not being tied to any particular server and users choosing their home server.
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So sure, Matrix is currently slower than IRC and Element is more bloated than a traditional IRC client. You can always use weechat-matrix or another lighter client. No longer interested in having our rooms inherently locked into a specific network not hooked up to the others.
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