Because it still does exactly what I want it to do, and what I've wanted it to do since I signed up in 2004, which is keep logs of every song that I listen to. The user-generated content side of it was added after I signed up (I think?) so I don't see how I could really miss it.
You might be interested in https://libre.fm/ if you aren't confident about the future of Last.fm. It can be used as a drop-in replacement to track your music plays.
I'm annoyed that I didn't keep using it consistently. I even had it tracking usage from an offline iRiver H340 MP3 player - at the end of the day, I'd upload a database from Rockbox.