This is not necessarily true. You could very well still be accelerating, but not as fast as if they were not slipping. Also, there is still a significant load on the engine due to the friction with the road surface, even when spinning. Again, not as much as if your are not slipping, so your goal on most surfaces should still be to minimize wheel spin. There is no point being in the power band if you aren't able to use that power effectively.
In any case, the issue (as Alex pointed out above) is that the feedback loops when using brakes or throttle closures to deal with brief losses of traction are too long, and you often lose more torque for longer than necessary maintain grip (or more specifically, maximum acceleration). If properly calibrated, a timing based solution should be more responsive and effective in all but the most extreme loss of traction situations (e.g., wet or icy roads).