This is just a guess, but perhaps it has to do with space while maintaining durability. The four elevation-adjustable options that I know of are
1) Standard A2/A3 carry handle
2) Stand-alone A2-Style sight
3) MaTech Adjustable Flip-up rear sight (which has mixed reviews throughout this site)
4) Wilson Combat Tactical Flip-Up Detachable Rear Sight
I do not have one (I'm sure you can find some info here on M4C), but the Wilson seems to combine the best of both worlds: it is a space-saving flip-up, but it's also elevation adjustable. Other than that, I'm sure there are more technical answers that have to do with engagement distances, zeroing distances, etc.; but I'll leave my opinion out of those.
I was a range instructor during the transition from qualifying with iron sights to RCOs, so I feel your pain. At the time I got out ('13), BUIS still weren't a standard-issue item. Only IAR gunners were getting them.
"All that is necessary for evil to triumph is for good men to do nothing." -Edmund Burke
"It is better to be thought a fool and to remain silent, than to speak and remove all doubt." -Abraham Lincoln
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