It's been some time since I've used Matlab, but from memory it does provide (albeit with extra plugins) the ability to generate source to allow you to realise your algorithm on a DSP.
Since python is a general purpose programming language there is no reason why you couldn't do everything in python that you can do in matlab. However, matlab does provide a number of other tools - eg. a very broad array of dsp features, a broad array of S and Z domain features.
All of these could be hand coded in python (since it's a general purpose language), but if all you're after is the results perhaps spending the money on Matlab is the cheaper option?
These features have also been tuned for performance. eg. The documentation for Numpy specifies that their Fourier transform is optimised for power of 2 point data sets. As I understand Matlab has been written to use the most efficient Fourier transform to suit the size of the data set, not just power of 2.
edit: Oh, and in Matlab you can produce some sensational looking plots very easily, which is important when you're presenting your data. Again, certainly not impossible using other tools.