When do we blame the pension fund managers for taking on risks they don't understand?
It's because those people are expensive and that means having to charge a higher management fee.
And what do consumers tend to base investment choices on ? - management fees. High management fees mean that consumers won't pick that fund.
Consumers can't tell how sophisticated their pension fund managers are so they'll just pick a cheap upfront cost which (potentially) because of poor management will cost them a lot more in the long term.
This is also why state pensions like to jam money into alternative investments like hedge funds and venture. They're chasing yield.