If a research partner drops out halfway through the project, the whole effort may fall apart - and with research institutions and industrial partners booking the alloted funds each month, such a failure is hard to justify for any EU officer.
Of course, it is ridiculous to simply require that the UK partners be dropped from the project without a significant change of plan or adequate substitution.
Edit: Also, the aim of these projects is always to strengthen industry or scientific progress in the participating countries - so politically, if the UK really drops out this would be giving something for free to a competitor.
Successful projects often lead to future projects, so people thinking of projects in a few years time might not want to start collaboration in the UK, at least if there's an alternative elsewhere in the EU.
¹ For example, the UK lost me — after the 2014 European Parliament elections in the UK, where UKIP won most votes, I started looking for a job elsewhere.
In general a partner dropping out of a project partway through is very disruptive, so you like to avoid it. You want partners who will still be there for at least 4 years from now: 1 year for the application preparation/review, plus 3 years for the project if the application is successful. Many people are not sure if that will be true of UK partners; can you say, today, that the UK will still be part of the EU funding mechanisms through 2020? I think there's a good chance they will be, even if they leave the EU (they will probably end up joining the research framework a la carte, like Norway, Iceland, and Switzerland have). But I could forgive people for considering it a risk they'd rather avoid.
It's trading a well-understood risk for a one that is not well-understood, hence my comment about it being irrational.