Because the technology didn't exist in the early 1980's. Multiple layered discs are a DVD and later technology.
That's true -- the technology didn't exist then. But it does exist now. If we have DVD/BD players that can read a second layer on a disc, why not create a CD that has a second layer, and add that ability to read it onto the player?
Granted, there are people using actual CD players (car audio, discmans, etc.) that wouldn't be able to read that second layer. So that second layer could house demos, live versions, alternate versions/mixes. Yes, present discs can do this already, but it takes up storage space on the first (well, only) layer and means we get less new music. So you could put those extras on the second layer. Or just put a whole double album on the one disc!
They'd save money by reducing the number of discs per package, and they'd eliminate the need to manufacture jewel cases that can hold two discs. Thus they could reduce the selling price, and still come out with a sweet profit. Right?
cheers,
supervij