It's because the .40 S+W has the misfortune of having been the child product of the 10mm Auto. It's also intentionally weakened from its parent, not too many other cartridges have that claim attached to them. Industry/gurnrag veterans have always looked upon the cartridge as a "cut down/neutered 10mm".
In the eyes of the reloader that characterization also makes sense, because it is one of the few handgun cartridges that you can't really experiment much with before you blow the gun up. All kinds of folks hotrod 9mm, .45, .38 Super, etc, etc.... but nobody
bothers hot-rodding a .40, because the act of doing so, in reloader terms, is like trying to put a chevy big block in a Geo Metro. There's no way to (viably) do it within the
physical constraints of the "vehicle". So, even those that reload it, view it as a cartridge with little upward capability.
The .40 S+W is an OK cartridge but it can't really ever escape the stigmas described
above.
-Mike