I'm busy. I both work a lot and have a life outside of work.
If a company were to give me a take home assignment I'd see it as them not valuing my time.
When you do a traditional interview the company has skin in the game. They have to "spend" the same amount of development time as I do in the interview. That person interviewing me could be working, if they're interviewing me instead, that's the company signaling that they think I'm worth the time. You don't have that in a take-home problem. It's asymmetrical. I'm investing time on this and they aren't. That's not how I want to start a business relationship.
Then there's the marketplace. I have a lot of options for employment. I'm confident that if I quit my job tomorrow I could have another one, just as good, by Thanksgiving. The job interview goes both ways. I'm interviewing you as well. I want to talk to your current developers. I want to get a sense of your office culture. And I don't want to complete a take-home assignment before I get to do that.
Finally the people I like to work with are like me. They're busy, driven, and good at what they do. I can't imagine they would work for a place that used take-home work for interviews. So even if I did go through with it and get the job; what type of people am I going to be working with?