The main reason, is that if you just scale the elements on the UI to fit the larger screen, it wouldn't look nice... and you don't need to do anything for it to work, it automatically does it for you if your app is iPhone only and installed on an iPad (if the user chooses to).
Having a different XIB lets you rearrange your app, and think it so that you can take advantage of the larger screen. You can probably show more information on one iPad view than on 3 different screens on the iPhone... so, your iPhone app could show basic info and expand it when the user taps on it, while your iPad version could show all the information on load, plus extra graphics that look nice but aren't needed, and wouldn't make sense on the iPhone screen.
PS: If you're starting a new app, I strongly suggest you using the storyboard if your app won't have a lot of views... it's really easy to get started and it lets you see your app flow at a glance.