The problem is, that it's really time-consuming and expensive to get decent terms of service/privacy policy/other common legal document squeezed out of your local lawyer.
The initial version is basically a copy-paste of some template that just has your own company's name put in and does not anyhow describe the service you're building.
After a week or two with back-and-forward you'll get to settle for some English-like gibberish 15-page document that has been passed through the email and you're sure that after all the hours you've put in to try to make sense of the document your clients have no chance to understand even half of it so you're just putting it in since the whole service is already past the deadline and everyone's anyway blindly ticking the box without reading.
The reason why this hasn't changed is that lawyers get paid by the hour, so it's not wise for them to automate anything.
For personal projects I've used some of the 5$ templates from quick Google search, but the problem is that I have no-one who'd take the blame when the shit hits the fan.
In the perfect world this would be an automated computer program that'd ask me a few questions and produce a perfectly understandable and legally binding document that has some trustworthy corporation behind it making sure I won't get sued for trying to do simple business.