Because nvidia have said you are not allowed to alter it, basically.
The rules given to board partners are:
-Max core voltage 1.175v
-No software voltage control
-board and cooler design must be sufficient for overclocking if marketed as such. (or something like that).
Evga tried to get around it by making the classified require evbot to provide hardware overclocking, because evga brown-nose nvidia (blower coolers etc). MSI pretty much ignored it. Apparently they were both nvidiaslapped and told to stop issuing bioses that allowed overvolting. I recall a guru3d article that said msi may have been threatened with the possibility of not being able to buy gpus from nvidia if they didn't change.
Asus have something with the RIVE iirc but not heard anything, kfa2 have a custom voltage controller on the ltd oc but heard nothing..
However, the new 680 lightning bioses still allow overvolting. Heard nothing since then.
IMO it's either of these(speculation):
-They want to cut down on damaged gpus/rmas
-They aren't confident of the safety of gpu boost algorithm, as it drives the boost voltage
-They are aware of degradation beyond 1.175v