Because the other has not enough material for a check mate
Why is this a draw?

The opponent's time was out. Why is this a draw?
To win on time you must have sufficient mating material on the board when your opponent times out. A single pawn is sufficient, but a single knight is not because you cannot force mate with a single knight.
FIDE; USCF; and this site all use slightly different rules but the principle is the same.
The opponent's time was out. Why is this a draw?