Some possibilities are
1) Complexity of the human brain is higher than we thought, reproducing the complexity necessary for human-level intelligence is further into the future than we initially expected.
2) Intelligence is bound by size/capabilities of a body. (ie, input & output). If you want human-level intelligence, you'll need a human-level robot too (not impossible).
That also means if you want a god-like AI, you need to have the inputs/outputs (body) of a god too.
3) Human brains are _not_ biological machines. They're biological -paradigm we have not discovered yet-. The idea of computation itself is limited by something we cannot "just" reproduce with engineering.
I doubt this, but it's not impossible that the brain employs totally physical phenomena that are basically impossible to reproduce outside of biology. Why? Because biology is something fundamentally different from engineering.
Doesn't mean we can't control biology, but still.
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The real hypothesis is: Human-level intelligence is possible because it exists. Our best understanding of how human-level intelligence works is with the model of a "biological machine". We assume that it is possible to replicate this biological machine in the near or somewhat distant future as our understanding of engineering, biology and intelligence grows. This replication will have the same or similar intelligence-characteristics as a human.