Because the guests have their own SELinux policies. Docker containers don't come with policies, but if it would support running containers under a user account I could at least restrict each to their own category so that theoretically a chmod -R 777 / (inside a container) and access to the host wouldn't compromise other containers (unless the kernel is exploitable, in which case KVM would still win).
Maybe we're talking past each other here, but, Dan Walsh, author of SELinux, is working to bring SELinux natively to libcontainer / docker.
I'd love to talk more about your needs and how we can help. My email is always open - nick@docker.com