Because domains are finite and hold more importance to a business than an actual business name does and by allowing private registration it encourages various entities to sit on the domain indefinitely and prevent others from creating value with it.
The fundamental one is your insistence on "value." Where is that requirement? How do you define value? If I want 'dalke-email.com' as an email for me and my friends, without a web server or any attached business, then is that sufficient value? What about 'dalke-cat.com', a memorial site in memory of my cat - if a business wants the name, does it get priority over a site that no one else visits?
Assume I have a new-born child named 'Kelly', and buy the domain name 'kellydalke.com', so that I can transfer it a a birthday present in 18 years. Is that value? To you, no, but to me, absolutely yes.
How should the arbitration organization determine things? If your stealth-mode company takes too long to be public, can your domain name be taken away because it hasn't yet contributed value?
So now I have to decide between a .tv or .io domain (or hey I can use .rocks, .world, .xyz!!!)
Do you think it is too risky to keep a name for a social startup (that has big potential) when the .com is taken? if it gets funded and gains traction, is there more of a chance of acquiring the domain down the line?
One of my co-founders says he thinks that registering it after the fact won't have much affect but who knows. Also, the defunct public relations company that had the same name appears to not be in business and hasnt been for at least ~4-5 years...
I use private registration on a few of my domains to avoid unnecessary harassment.