Mostly for lack of time and resources. This was an early-game fortress death that I'd like to include in my "what not to do" standard operating procedures. I'm looking at setting up a one- or two-layer trap system that can hold me until I crack through to magma.
I think my problem this most recent fortress was that I had already denuded the outside world of trees, and so I thought that I needed to send a fairly aggressive lumberjacking force into the caverns for wood. (My rationale being that wood would allow smelting, which would allow armor, which would make me mostly safe vs. caverns.) The conservative play would have been to sprint for the magma and come back for the wood later. Lesson learned!
Any particular reason you didn't just breach, wall off a little bit of the cavern then dig out a massive chunk of soil layer/flood several stone layers using a river? Dorf Fort isn't a game you need to speed run. Hell, it's rare that I get the whole of the surface denuded of trees and actually use that wood. If you're doing that, remember that any tree or plant has a chance to be replaced by either a tree or a plant, so be sure to send out plenty of herbalists. Herbalism improves memory, too, which helps prevent skill loss.
Another option, which is pretty much cheating, would be to grab the wood conjuring parts from My Little Fortress, so you have have "conjured plump helmet wood logs". You'd still need plants to turn into wood, but it's a nice supply of it if you want to be able to use wood for something other than beds and barrels. To balance it out, add the honey badger pegasi at the same time.