The gas is dissolved into the liquid in a form called “carbonic acid”, and as the name implies it imparts a sour/acidic flavor. Once the gas is all gone (flat), the sweetness and other flavors are all that’s left and it doesn’t taste as good. The colder the liquid is, the longer the gas stays as carbonic acid, which is why cold soft drinks stay bubbly longer than warm ones.
Basically, the carbonation activates more senses. Taste is influenced by your sense of smell, and when carbonated, a lot more gas containing odor makes it to your nose, adding more to the flavor than the flat drink. And yes, it also affects the feel/texture of the drink as your mouth feels as the bubbles escape and pop against your tongue.
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