The non-tail recursive function roughly consumes a portion of the input (the first element) to produce a portion of the output (well, if it's not filtered out at least). Then recursion handles the next portion of the input, and so on.
Your tail recursive function will recurse until len becomes zero, and only at that point it will output the whole result.
Consider this pseudocode:
def rec1(p,xs):
case xs:
[] -> []
(y:ys) -> if p(y): print y
rec1(p,ys)
and compare it with this accumulator-based variant. I'm not using len since I use a separate accumulator argument, which I assume to be initially empty.
def rec2(p,xs,acc):
case xs:
[] -> print acc
(y:ys) -> if p(y):
rec2(p,ys,acc++[y])
else:
rec2(p,ys,acc)
rec1 prints before recursing: it does not need to inspect the whole input list to start printing its output. It works in a "steraming" fashion, in a sense. Instead, rec2 will only start to print at the very end, after the input list was completely scanned.
In your Haskell code there are no prints, of course, but you can thing of returning x : function call as "printing x", since x is made available to the caller of our function before function call is actually made. (Well, to be pedantic this depends on how the caller will consume the output list, but I'll neglect this.)
Hence the non-tail recursive code can also work on infinite lists. Even on finite inputs, performance is improved: if we call head (rec1 p xs), we only evaluate xs until the first non-discarded element. By contrast head (rec2 p xs) would fully filter the whole list xs, even we don't need that.