Another reason is they do a better job of washing clothes as they use more water. This is important for people that have kids, do cloth diapers, or are actually washing dirty/muddy clothes. They also don't have mold issues because of rubber gaskets and have been historically cheaper to maintain and repair.
The new top loaders, specifically Whirlpool made vertical modular washers are complete garbage. They break within 2-3 years of buying new. Whirlpool stopped making the direct drive top loading washers that everyone loved about 3 years ago. Now you can only buy them used, and I would highly recommend doing so if you need a good washer.
Front loading machines do spin the clothes a bit dryer, which saves on dry time, unless you hang dry, then it really doesn't make much difference. But they cost over twice as much and are about double the price when it comes to repairs. Hope that helps!
Here's a post I wrote up on the subject. http://recraigslist.com/2015/10/they-used-to-last-50-years/