Unless it's changed or mods are applied, the main reason is simple logistics. It just happens that quality of weapons and ammo is currently also one of the few things we have some amount of control over that affects performance.
There's simply no guarantee we can keep a bow squad supplied, especially since merchants often bring large amounts of ammo that because of useless and very expensive decorations on top of the price hike from requesting them specifically, is outside the budget of young (and even some more established) forts without abuse of certain goods or an abundance of high value materials and good craftsmen. If anything, even with rate of fire ignored, a bow squad would (and to a degree currently is,) consequently extremely expensive to have around and a display of wealth for a fortress. They have the stuff to buy all those hideously expensive arrows.
And because of an inability to make/reliably supply training ammo, those very same expensive arrows are going to be expended in training as well as combat, because to keep that squad supplied, you can't turn your nose up at anything that gets brought for sale.
Granted, the above assumes buying bows and arrows, but even then as mentioned previously, supplying from the enemy is a hit-or-miss proposition and almost always turn up stuff worse than what your weaponsmiths and bowyers can make in terms fo crossbows and bolts. This also all assumes dwarves will be kept as not able to produce those weapons themselves, and no mods to allow them to do so are applied.
The economy means that we will likely be able to acquire a large quantity of arrows since the more we buy the more they will make. Buy cheap wooden arrows from the elves to use for training and buy expensive metal arrows from the humans to use in actual combat.
Read that again. I expressly mentioned merchants as being one of the very things that
prevents a steady supply of ammo. A small squad, say 3-5 guys, probably isn't going to be pissing away all their ammo in two seasons. But a full squad very well might, and more than that you'll have more rusty rookie bowmen than experts.
With an increased rate of fire, the ammo gets used up more quickly, often at a rate that can't necessarily be matched by imports depending on the number of bowmen one intends to field.
That means yes, our fort's demand is up, but
that doesn't mean they're going to sell affordable ammo. They'll certainly
bring more, but because our hypothetical fort's demand is high, they're
going to charge high and oftentimes, tack on expensive bling that serves no purpose but to make the arrows in question even more expensive than they already are from the demand for them.
While this isn't necessarily an issue with elves, who simply can't bring hyper expensive arrows because of the nature of what they make theirs from, it is an issue with human caravans, who aside from enemies are our sole supplier of arrows that can actually hurt anything. A supplier who can be disrupted by invaders, werecreatures, or various mega/semi-megabeasts, and that's not including the eventual revamp caravans are likely to receive making them part of the world as well, which further reduces the reliability of importing enough arrows to supply and train more than a handful of archers.
And regardless, this suggestion would still be preferable to what we have now, which not only severely limits the usefulness of ranged weapons both in fort and adventure mode, but also hinders what can be done with modding.
It was only relatively recently, using a 3rd party tool that will be broken next release and likely take significant time to be brought up to speed, that we gained the ability to mod in things like cannons, automatic rifles, terrain deforming explosives, and more fantastical stuff like lightning guns.
All of that is far more comprehensive and "unbalancing" than crossbows not shooting as fast as bows (and suffers from issues of maintaining steady supplies of ammo.
Just like bows for civs that can't make them.)