Instead they have a weird patchwork of bilateral treaties that are designed to look pretty much like EEA membership if you squint just right, and look like just bilateral treaties in separate areas if you squint a bit differently. They're linked, and at least the first seven have a "guillotine clause" so they all cease to apply if one of them is canceled, so in practice Switzerland is practically like an EEA member, but they get to pretend it's all very different.
There are some clear differences, though, and there have been years of negotiations trying to reduce them without success.
They are actively being negotiated because both Switzerland and the EU have realised there's a need to reform the original treaties, and the EU for a decade now have insisted that anything replacing them need to be closer to the EEA agreement, while having made clear they're not doing this crazy thing again for anyone else.
I'm not sure how long the EU can afford to further alienate countries that pay net positive into it's wallet, after losing the UK and the continuing rise of euroscepticism.
EDIT: No, I'm wrong; while EFTA Court used to be based in Switzerland, Switzerland is no longer subject to it. It still exists, but only for EFTA members who are also EEA members. This whole thing is impossible to keep track of.
https://en.wikipedia.org/wiki/File:Supranational_European_Bo...
