I think it's mostly due to the difficulty of managing reply threads with large groups of people. Most don't have the patience to deal with it.
And while I quit Facebook a year or so ago, I do think they serve different purposes. It's more like a webforum or something in the Reddit/HN vein. You can have one-on-one or small group discussions, but you can also post things out to your larger friend/fam/acquaintance network or to more public groups.
There's definitely something to be said for that, and as someone who spent my college through adult life on IRC and message boards, I get the appeal. I just wish it didn't have to be a winner-take-all situation where the "winner" happens to be a really shitty company I don't want to do business with.