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Because Google, Bing, Yandex and Baidu already exist.
Any new competition starting up now would need really deep pockets to compete for the decade or so it would take to make any sort of profit.
There is https://openwebsearch.eu/ which might kickstart things a bit and many do not know about, but your point still stands.
Its a eu funded effort to have a open index others could use and build upon. Dashboard and Crawling Status: https://openwebindex.eu/ Experimental Search Engine: https://ourrs.eu/
