For me, it is Convos (web front end that uses redis for state tracking) + UnrealIRCD (IRC daemon) + Anope Services (channels, users, permissions, etc). It isn't as pretty as the Slack UI, but it could be.
Also, no one is arguing whether people like slack more than IRC -- the point I'm trying to get across is that IRC is capable, but only lacks the development of a client, and forging of standards that would allow features that slack has.
All the bot stuff is copyable pretty much 1:1, the great design, and built in features of slack require a much better IRC client to be built. But that's the only thing standing in the way.
Taking the walled garden over developing an open source solution is widely accepted in the world at large, but it should not be the defacto solution for the FOSS community.
``It sounds like someone needs to make an IRC client that is approachable to encourage a new generation of people to be interested?''
Yes. It sounds... very much like this? :)