You would have to do hit-testing on every frame (which probably involves the DOM and looking at each element's hit region), determining which CSS rules with hover this matches and apply the style. Besides, such a large glow/shadow takes some time to compute and draw (last I checked this wasn't done on the GPU – in the linked testcase you can see that the red glow takes a bit to appear which indicates that it's quite slow to draw¹).
Also I'd guess that this is an area that's only recently been necessary to optimise in browsers.
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¹ Fun fact: It's a lot faster in IE than in Chrome ;-)