Because, if you have a mechanism to run arbitrary computations on encrypted data, I’d be a bit concerned about an attacker running carefully crafted computations on the data and deducing information about the encrypted data based on how the ciphertext changes or the time/memory usage of the computation.

This isn’t really a particularly well-informed suspicion: it’s partly based on a sense that FHE is a “have your cake and eat it too” sort of technology that’s too good to be true and partly based on the recent discoveries that fairly well-understood things like speculative execution in CPUswere vulnerable to serious side-channel attacks.