Same as why they don't make new sports teams. Much less risk in sticking your name on an existing institution that's already running. Modern universities are a

Same as why they don't make new sports teams. Much less risk in sticking your name on an existing institution that's already running. Modern universities are also a heck of a lot more complex than 150 years ago. Same as modern sports teams, there was a period where those are also just founded by a company as a side arm.