This is the false dichotomy.
Being able to apply slight styling to text is better than wrapping words in asterisks or underlines. Adding reactions and emojis is better than using punctuation to simulate it.
It's really common to confuse "what I'm used to" with "what's better" and I think that's especially happening here.
edit: sounded a bit impolite. I was trying to point out, that just covering all needed functionalities doesnt mean anyone will use your product. Frivolous eye candy, ie the appearance is a key aspect for quite a few people. The issue is not that its dismissed as eye candy, but that being eye candy is an important point to look out for.
People like to frame it as "if they can't even figure out IRC", but that's a straw man. Nearly everyone can "figure out IRC", the question is if they want to bother with it when there's alternative things they could do.
(and I say that as someone who by far prefers IRC over every other group chat system)