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I think basically it comes down to marketing.  GW, it seems, doesn't want to put all their resources into an army that isn't distinct and separate from the others.  If it can't be supported by 4-5 plastic kits and a set of metal models, it's not a separate entity.  LotD can be built by combining pre-existing plastic kits, so when a Mom goes to buy her son a squad box, can't just walk in and buy a Cultists Squad box and be done with it.  Either the kid'll want some Cadians and some Flagellants or a Leman Russ, none of which would be branded as part of the LotD army.  They're not distinct enough.

It's branding.  You know an Eldar box when you see it.  You know a Marine box when you see it.  LotD could get lost in the mix.

All we really need it a codex.  Maybe it needs to be done General's Compendium-style.