As the answers suggest, there's a difference between encrypting everything with the same key, and encrypting between two parties.<p>Arguably, encrypting all snapchat traffic with the exact same key is almost worthless, and they could just send everything unencrypted. If a snooper knows they're looking at snapchat traffic, decrypting it is trivial.<p>At least with a key exchange, you have a good chance that only the targeted recipient can view the photo.