It depends on the implementation, but typically, everyone sits down at the table as equals. No advantages are brought in from collections, unlike constructed formats.

Building a deck is also a separate skill to piloting one. Especially when there is a timer involved, it can be a frantic, fun challenge to draft correctly.

Finally--and perhaps most importantly to me--it takes a long time for draft sets to get "solved" by meta-gaming. There are so many moving parts in new sets that you have to play the game to find out what works. And even if a set does get solved, you're still having to work with limited options and need a good plan B or plan C.