Because Burn halves the opponent's attack, and burn can affected both poison and steel types, something which toxic is not capable of doing.
Basically, burn cripples any physical attacker (there are exceptions like Guts Conkeldurr). Additionally, will-o-wisp is only learned by a select few Pokemon, mostly ghost and fire types, while practically everything has toxic, so if you're Pokemon is one of the few that gets will-o-wisp, you might as well take advantage of it.