Git does great with text files, but game development contains a lot of binary assets (textures, videos, 3d models) and correspondingly huge repos. git-lfs tries to patch around that, but that makes a complex tool that creatives struggle to understand even more complex. Perforce is a pretty popular solution, and was used by Epic in the past
Have to think they're doing this out of a real need, given they were already using Perforce and must've considered Git too. It's also not like 2010s when version control was a hyped thing.