It seems to me that brevity is the real excuse here. Moreover, if it were just about symbols but papers were otherwise accessibly written (to reasonable extents, obviously), that would be different still. This is not the case.
Appearances are probably also important for funding. I'd bet that if you submitted same proposal twice, once phrased in a convoluted way and once phrased in a "we're gonna blow up some material multiple times and see how far the shards fly" style, a number of times to independent funding committees, there would be a statistically significant correlation with which proposal gets funded.
And let’s be real. If you couldn’t understand sigma notation in school, the chances that you would comprehend complex science are very low no matter what kind of verbiage or, as it often would be more apt to say, verbal garbage it is wrapped in.
I absolutely agree with you that oftentimes bad research is disguised with ten dollar words. And oftentimes it is disguised with convenient agenda (no matter how true or good this agenda is by itself). But I don’t believe it has anything to do with Greek letters.