To do iris-scanning security, there must be a back-end database with the characteristics ("fingerprint") of each user's iris.
This database will be secured as strongly/effectively as a password database because it contains authentication credentials.
Unfortunately, password databases get broken into, and similarly iris databases will also get broken into.
The attacker then has to simply convert the iris fingerprint back into an image to replay to the authentication process.
This is probably easier than reversing a password hash (because the fingerprinting algorithm is unlikely to be optimised against reversing), and certainly no harder.
(This is assuming untrusted client-side hardware.)