1) Because SDFs suck badly (and don't cover the whole field) when you want to render sharp text. SDFs are fine when used in a game where everything is mapped to textures and is in motion at weird angles. SDFs are not fine in a static document which is rendered precisely in 2D.
2) Because GPUs handle "conditional" anything like crap. GPUs can apply a zillion computations as long as those computations apply to everything. The moment you want some of those computations to only apply to these things GPUs fall over in a heap. Every "if" statement wipes out half your throughput.
3) Because "text rendering" is multiple problems all smashed together. Text rendering is vector graphics--taking outlines and rendering them to a pixmap. Text rendering is shaping--taking text and a font and generating outlines. Text rendering is interactive--taking text and putting a selection or caret on it. None of these things parallelize well except maybe vector rendering.