Why "posted a minute ago" instead of time?

I just ran into a frustrating problem in Safari on my MacBook, where I was trying to find the time I'd loaded a web page yesterday.

But it doesn't give you the times, instead it lists them with phrases like "last visited today."

I've noticed this design pattern in lots of popular modern places:

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Why are all the big sites, YouTube, Twitter, Facebook, reddit, etc. using this "Submitted an hour ago" phrasing instead of just putting a date time there?

In every situation I personally feel that I'd find the timestamp more useful, it conveys much more information. The only downside as far as I can tell is that it's slightly uglier.

Why are these sites choosing to reduce the amount of information shown (in some cases, e.g. my browser, making the information completely inaccessible via the UI)? Why are they giving times like this instead of just writing down the times?

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