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Because he failed to preserve both the Soviet Union and its Communist Party. Much of his support was allienated when referenda in former Soviet republics asked massively for independence from Moscow, against the will of the Russian people who had voted to preserve the Union.

In July 1991 presidential elections Gorbachev's candidate, Nikolai Ryzkov of the Communist Party, only gained 17% of the votes while Boris Yeltsin, already Chairman of the Supreme Soviet (a Congress equivalent), gained 57%. Yeltsin took office in July 10th.

In August 1991, a military coup led by prominent members of the Communist Party, paved the way to its banning by Yeltsin in November.

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Q: Mikhail Gorbachev resigned as president of the Soviet Union in December 1991 because?
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