Because it's evil.

Initially when I heard of it, I thought it was a great idea. I thought it'd turn out like friends gossipping about friends. But friends gossipping isn't google-able. It also isn't that anonymous. When you gossip in person, or with your identity on the line(versus anonymous gossipping), it significantly restricts the damage potential.

Why would you want to create a tool that is primarily used to hurt random college students? Not a rhetorical question, I'd really like to know the views on the other side.

To me, it makes no sense from any of the key angles(doing something I can be proud of; making money).