Because "URI" stands for "Uniform Resource Identifier" (or URL for "Locator"), not "Resource". The intent is for it to be a pointer, not the value at the location. And, if you were to use the URI as the content (instead of chunking and shrinking it via Bitly), you'd be duplicating that content on every page that links to it. And in your browsing history, by merely viewing it.

edit: oooh, another thought: you're essentially uploading the content of the page to view it.