A long response which jumps around a bit:
Because each of the 6 (not counting 16th or the possible one to the south) stations would cost $200 million in today's dollars. Then add in 16+ smoke and evacuation structures plus the land for them (any run longer than 400 metres between evacuation points needs an additional evacuation point) - this is in addition to smoke control built into the station boxes, increasing exvcavated volume. The tunnel itself is the cheap part, likely less than half a billion on its own, if it was the same size to carry anything else.
In very general terms when thinking about cost for infrastructure, with a surface line and elevated, costs increase in a linear manner. Above ground structures, you're working in two dimensions, so stations if you make them wider, also increases costs, just as when you make them longer. So costs go be square. When you go underground, you're talking about cubic metres of dirt excavated and held back, so costs increase by the cube.
So you 90 metre long surface station at $10 million, you add 5 metres of width to 'eyeball' building an elevated structure, and you're at $50 million, then for underground you add 4 metres of depth, you're at $200 million. Super basic, but when thinking of these things as amateurs, simple rules of thumb are useful to start to conceptualize costs.
For smoke and evac, any time a tunnel can be kept at fewer than 400 metres you save a lot of money. West LRT Westbrook tunnel accomplishes this, Cemetery Hill is too long, closer to 700 metres and so it has an evacuation point. The Red Line Tunnel from the Beltline to Downtown is 460 metres, and has an evacuation point on 10th Ave.
For under a street, you can't just go virtually straight up either, you have to lateral to a lot off to one side, which also can increase the frequency of additional structures, as it makes evacuation paths longer. Also ends up requiring higher power fans for smoke, since you have to fight vertical draft. For smoke, since the tunnel is going up and down, you can need even more structures, if the optimal spacing places the smoke control structures at low points.
Then you have things like substations. When going underground, there is a huge temptation to just add them into station boxes instead of expropriating land, to make the projects less complex to approve but at the result of making them more expensive to build.
There is a reason Toronto didn't build under Bloor Street for its second subway line, and for its first, avoiding building under Younge as much as possible, at least until later expansions when they unlearned their cost savings reasons.