Because it can
break terminals that don’t. Nothing forces you to put enough context in your link to be able to recover the URL. Unsuspecting developers who only target iTerm2 will put a link in for “Click here to complete OAuth2 flow” or something and it will be broken...
In this case it isn’t the worst problem ever. but i think support for this should probably be removed from terminal emulators unless a quorum of popular terminal emulators support it.
(Addendum: do developers actually do things that only work in virtually a single terminal emulator? Yeah. A lot of Node.JS software printed status using emoji that broke horridly on everything but macOS. It mostly works elsewhere now, and it was purely a visual problem, but I would assume many didn’t even realize what their app would’ve done in most terminal emulators. The same with hyperlinks would be a disaster.)