I think most carrot cakes are rather like quickbreads, but sweeter. At room temperature, oil is liquid, so the cake stays softer at room temperature than say a cake made with butter. I think butter cakes (while luscious in taste) are dryer and with a finer crumb than carrot cakes, so maybe oil is prefered because it helps the cake to have a moister mouthfeel. But I really don't know why.