Board Thread:Lore Discussion/@comment-15888551-20130819093722/@comment-15888551-20130820210231

I think the main reason we haven't seen it already is because implementing new technologies, while preserving lore, staying away from guns, making it feel like a natural progression, having provide interesting depth and complexity to the world and gameplay, all while avoiding a backlash from fans, would be a pretty difficult undertaking.

They don't want to put in the amount of time, energy, money, and creative thinking it would take to make it happen. Especially if long time fans of the series would just rage and condem it to oblivion, before even giving it a fair chance. (Didn't you mean: Elder Scrolls Online Announcement?).