I'm mildly surprised they haven't, but the reasons seem pretty obvious. Redundancy (in offerings), storage costs, and home network upload speeds.
Redundancy because the thing most people care about backing up is media and important documents, which are likely already stored in iCloud. If you care about Time Machine back ups you probably want your whole filesystem with point-in-time restores. That's a lot more data for Apple to hang onto, for a small segment of its target market. Of course, Apple does have 2TB+ iCloud+ plans, but I would bet that the average iCloud+ subscriber is using nowhere near their limit.
Redundancy because the thing most people care about backing up is media and important documents, which are likely already stored in iCloud. If you care about Time Machine back ups you probably want your whole filesystem with point-in-time restores. That's a lot more data for Apple to hang onto, for a small segment of its target market. Of course, Apple does have 2TB+ iCloud+ plans, but I would bet that the average iCloud+ subscriber is using nowhere near their limit.