ThatObviousUser
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Because anime failed to blow up in the US like everyone thought it would. Toonami is very much of a certain time and of a certain place and sadly, there's no replicating it today.
Umm it did blow up, it's just the kids that watched it grew up into teenagers and started torrenting the shit out of it (not to say the dub companies were any better, overpricing their DVDs to hell and back.) It was unfortunately mutually-assured destruction. And without the home market, dub companies dubbed less or went out of business, leaving Toonami very little to work with (they could only air kid anime, or at best teen-oriented fair.) That's why they eventually resorted to American shows just to pad the schedule and eventually collapsed to being Saturday-only.
Even still, I think Toonami today could be successful, they just couldn't rely on having new shows every year, instead falling back on their old catalog. As a three hour block every week I think it would at least be worth a shot. (As for a weekday Toonami, that's out of the question for now, but who knows what the future holds?)