Because index funds aren’t sexy. At the end of the day it’s true, most of us probably won’t beat the s&p500 long-term, but it’s at least fun to try. Some of us enjoy researching stocks and feeling more in control of our portfolio. The enjoyment and sense of hope I get from picking my own stocks is worth missing out on the higher returns I’d get from boring index funds.
some people become socialist after they've made their money. it's a great device for inhibiting competition.