As well as to expose a stable extension API (no more XUL extensions breaking randomly on every browser update) and to enforce any sort of security boundary/permissions system.
Its sad to lose DownThemAll and the plethora of othwr XUL extensions, but having performant multicore support is critical given the shift to having many cores (as single thread performance improvements become uncommon).
This is misleading. They deprecated the old API primarily to be able to do multi-process and get rid of XUL.