I think a major issue is that most people don't really understand the bet they are making. By buying/selling options, you are not just placing a bet on the stock direction, but most importantly on the stock implied variance/volatility.

Since 90% of people straight up suck at high-school level math, I think it's fair to assume that 90% of retail traders don't have the tools to understand derivative trading.

And as someone who vaguely understands the required maths, I already realized there was more productive uses of my time.