Spinlocks are unsuitable for situations where you can be involuntarily context switched (the vast majority of userspace programs). Probably worth mentioning that.
And in this all-cores-busy case, do you want your waiters burning one of those precious cores while lock holders are preempted? If you care enough about your system design to even affirmatively select spinlocks in the first place, you should probably also care enough to not use them in preemptible userspace. Or at least, I am not aware of any reasonable usecase. Hybrid sleeplocks are fine, of course.