It has newer packages than Debian. And even though Debian releases new stables every couple years, at least historically, it has kept old package versions around for way longer than that. Before I started using ubuntu sometime in the '10s, it was normal for a debian stable package to be upwards of 10 years out of date.
And it wasn't like today where you have containers/VMs, PPAs, flatpak/appimage/snap/etc... if you needed a newer version of a package for whatever reason, often you couldn't just compile it yourself or use the testing/unstable one because it had cascading dependencies that were also newer, so you were just screwed. Being able to have a "stable" release with newer packages was a huge draw for Ubuntu.