No one wants to work on it.
And why wouldn't someone be happy working on X11? It is an open source project, it is high impact work. I would jump at it instantly if someone paid me a competitive wage to do it. Or honestly even a bit under my normal expectation. Not every person wants to work on some ego-driven rewrite of a rewrite. Some people are fine working with legacy code.
Also there is a counter example right above my post. Someone was so motivated to work on it, they even forked it: https://github.com/X11Libre/xserver
Granted the fork seems weirdly ideologically motivated but anyway, case in point.
> Give me an option to donate directly to X11 development and I am gonna support it.
> I would jump at it instantly if someone paid me a competitive wage to do it
You guys should meet up.