Because that way of thinking encourages sending hundreds, thousands, or millions of competitors and because (as shown by sports that don't allow one country to

Because that way of thinking encourages sending hundreds, thousands, or millions of competitors and because (as shown by sports that don't allow one country to win multiple medals) the organizers of the sports don't think those other places matter either. We don't try to determine the world rankings of people who failed to qualify for the Olympics, nor should we try to determine the rankings of teams that fail to qualify from group play into elimination rounds of the Olympics, nor should we try to rank teams that are eliminated from elimination rounds that haven't played each other. They're top athletes, but the point of each Olympic sport is to determine the best. Any additional ranking computed beyond that is purely arbitrary.