If makes sense if you think about it. The current BTC blockchain is gigabytes of data. Add text information to every transaction and you are adding even more bloat.
In all seriousness, I did some Googling and the closest I can find is this:
"One final reason is that Satoshi was opposed to putting non-Bitcoin related data into the main chain. As creator of the system, his opinion should carry a lot of weight with anyone serious about extending it."
https://en.bitcoin.it/wiki/Alternative_chain
I realize that is close to being useless, but I can't find the direct post in question by Satoshi that it is referencing. I seem to recall it not being Satoshi, however, but one of the current devs that I read a similar sentiment from.
But again, I don't have any direct links. I apologize.
Technically, why not piggy-back namecoin on bitcoin. As far as I know there's some kind of 'comment' field in the transaction where you can put arbitrary data.