Are you aware of the maximum number of Unicode codepoints which can exist, offhand?
And how that compares to the number of 7-bit ASCII characters?
And how many special cases would have to be considered?
Scale matters.
The risks:reward ratio from 7-bit ASCII is low and manageable. The expressive capability is high. No, it's not a perfect representation for all languages. It is, however, a sufficient one, where common understanding is necessary.