Each plane is different, so the racks either waste space or have to have tons of different ones.
Many planes don't have easy big doors for racks (the ones you've probably seen are for designated cargo jets - like this: https://www.aircargo.ups.com/media/Containers-Pallets/upsair... )
And now even if you solve all the above, you still have to load the bags into the rack.
That's a big hurdle for an airline to start climbing now to someday maybe start saving money on bag loading in many years.
The planes that DO have them are almost always military planes not used for other things, or very large jumbos (search 747 cargo or C-5 galaxy).
Almost all other planes are optimized for passengers (the cargo space in even a largish jet may be too short to stand up in, for example).