Hello,
The haunch does a couple of things. First, it lets you leave more wood at the top of the leg. A shoulder accomplishes the same thing, though. Second, The haunch still provides a bit of support that a shoulder wouldn't. As Andy pointed out, on a shouldered tenon, nothing prevents the board from cupping at the top. If the rails are set flush to the legs, like on the show, this is a noticeable problem.
Also, we don't generally shoulder the bottom because we're trying to get the maximum strength out of the joint. It probably doesn't matter, but that extra bit of tenon, and the haunch, do add some strength and glue surface. Also, we find it easier to get consistency by using the bottom of the rail as a reference edge. Extra cuts introduce extra uncertainty. Additionally, if the joint is completely hidden with shoulders, we can't see if it's sitting tight to the bottom of the mortise.
Wow. That answer got longer than I meant for it to be. Oops.
Eli