Not OP but it's a large, hideous site with a lot of junk I don't care about. The faux-futuristic map with an arc to a pyramid? The colored odometer with a variable scale? Creating an account? Ads?
As others have mentioned, ISPs can game the speedtest.net results, whereas with fast.com users will get exactly what they want: a single number that shows how fast they get Netflix. No frills, nothing else. Some of the advanced features of speedtest.net are useful for some advanced users, but it's a weird de-facto standard that caters to the tiny minority.
Those are pretty good points. The big appeal for fast.com for me is that it measures the connection to Netflix's services and ISP's can't game it, but I still wish it gave more information than a single number.
All I want from speedtest.net is two numbers: up and down. That is everything fast.com gives me, and nothing more. I don't care about the fancy/weird laptop battleship image, ads, etc.
Also the "powered by ookla" is the weirdest branding I've ever seen. Not only does it bother me, but makes me trust the site way less. I didn't know what ookla was until I googled it just now.
Redesign/rebrand speedtest.net so it matches ookla. Right now speedtest looks like a scam, ookla looks official.
My ISP runs speedtest.net in my local area. For that reason alone I don't believe it. My speeds displayed on speedtest.net are significantly higher than other speed test websites.