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Why it's not a draw?

Because theoretically White can mate. Eg. 71. ... Ka2 72. Nd2 Ka1 73. Kc3 b1=B 74. Kb4 Bc2 75. Ka3 Bb1 76. Nb3#
Cooperative checkmate is possible, therefore, they considered defeat
Whoever runs out of time, loses the game. That's what clocks are for!
Trying to win(?) with 69. ... Ka2 instead 69. ... b1Q with an instant draw... I think Black learned his lesson.

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