Why would I use 7x as much space (which eats into my finite storage and also takes longer to transfer), and a format not supported by some of my devices, to get no appreciable benefits? That is the reason.
It's not 7x, for one thing, even keeping lossy and lossless copies (unless you ignore popular formats, and use only Opus). More like 4x, or
maybe 5x. If you use something like use 320k MP3s, it might not even be 3x. 7x would necessitate 128k, which is usually not transparent for much music in MP3, to anybody. You could probably ABX a newish LAME encode at 128k in a car on the highway, with the right music.
Then, on top of that, how much can you listen to? 1TB can store 2,000-3,000 CDs, as FLAC. 4TB drives are quite affordable, today, with affordable 8TB in the offing. Sure, storage is finite, but it's not confining, for music. Even getting high def tracks, you'll be upgrading a basic RAID 1 before space gets to be the issue, if it's mainly storing a music collection.
It's been 10 years or more since I've had to worry about transfer speeds, between devices, or over a network, for music (data caps, OTOH...). Conversion speed, yes, but that's what I have several CPU cores for

.
Meanwhile, I'm either
done, or
I will be alerted to a corrupted file, which has happened. When any new formats come along, like Opus, I'm good. I just need to convert to them.