The big thing is that it is one of the first standardized, cross language binary data formats. CSV is an OK text format, but parsing it is really slow because of string escaping. The files it produces are also pretty big since it's text.
Arrow is really fast to parse (up to 1000x faster than CSV), supports data compression, enough data-types to be useful, and deals with metadata well. The closest competitor is probably protobuf, but protobuf is a total pain to parse.