I think because it's a relatively easy idea to come up with, and the implementation details aren't earth-shattering. A year ago I was fixed on making a similar business called MeteorBill and worked part-time on it for a couple months before scrapping it .. I'm happy I did now, as my market research was clearly incomplete, and my UI was startlingly similar to yours and OP's. No great loss, I learned Erlang/OTP and Mnesia via that project.
I am interested in understanding why you decided not to continue with your business ? It looks like OP's company is doing pretty well. Customers would not be an issue for you. If you look at the number of employees OP has it is a possible market to persue. Competition exists everywhere.
I also wasn't so enamored anymore with the idea of spending lots of time on software to help people bill each other. Silly of course, as it's a real need, but I realized it just wasn't where my head was. Could I have made the business work? Maybe, but it would've felt like nothing but work.
I started my freelancing career with billable.me. Moved on to complexer tools by now, but I definitely made a few thousand euro with the help of your free tool.
I'm using InvoiceFox (https://www.invoicefox.com/) these days. It's really cool because it can remember all the different clients I have so I can just click "Invoice Company X for Y" and it also does some analytics of earnings and payments discipline.
I have an invoicing pipeline in the form of a Python command-line "wizard", which is effectively in interactive form, which then fills a restructured text document, which gets turned into HTML before becoming a PDF via wkhtml2pdf. However, wkhtml2pdf is kind of CPU hungry and not that fast. How did you make that scale?
http://billable.me
There's nothing wrong with a bit of competition and it makes me wonder if this space needs something... Why do these keep appearing?