There is no money in it. Carbon is sexy and higher price can be justified by the "advanced technology". Steel bikes tomorrow will look an awful lot like steel bikes today and that doesn't drive market interest. And in general folks don't want to pay any premium for steel so that relegates steel bikes to the lower end of the market. Even the manufacturers who do make steel bikes tend to equip them "down market". You don't see many steel bikes being offered with Campy Record 11 speed electronic shifting or Shimano DA 11 speed DI2. There are a few outlier custom shops like Baum, but that is not the rule.