It doesn't introduce a new IPC, it uses the Wayland protocol with the river-window-management-v1 extension. The extension mainly defines new objects and verbs for them, but it's the same protocol.
Separate process means that the window manager can be written in any language (even, e.g.: Python).
Honestly, every time this topic comes up, I feel like the person complaining just doesn't want to put in the work and they are angry that they don't get an easy win. And maybe that's a good thing. Do we really need more half baked WMs?