Walking the voting graph every time a post pays out seems like a lot of computation. My gut feeling is that it might not scale to the sizes and speeds that they want to reach with steem. I could definitely be wrong though. I haven't thought it through carefully or read the code. It's just a guess.
Update: I guess you'd do this at voting time, not payout time, but the concern is the same. My gut feeling is that it would turn an O(1) operation into an O(n) operation. With the number of votes that are placed, that might slow things down too much.