The problem is that everything you gave as a reason for them not supporting Legacy is a reason for them to not support Modern, and they've been supporting that (if not as much as some Modern players would like). In fact, from what I've heard, they actually really want there to be a format for Standard players to swap over to when they lose interest with Standard, as usually happens after a while. After all, that player who sticks around to play another format is a person who's still playing Magic and thus is more likely to possibly return to Standard at some point.
No, the reason is, was, and always will be the Reserved List. The higher-ups have apparently decreed it's here to stay, so that instantly put a real crimp on Legacy that's really starting to show right now. Modern doesn't have the problem of the Reserved List, so it doesn't have the issue of its growth being limited (their annoying lack of reprints is a bit of a limiting factor, but that's still not as problematic as the Reserved List).
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