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Mainly because the competition is very tough and there are more models than there are available modeling jobs. Because modeling is all about youth, there is a shelf life and unless a person hits supermodel status, they will be retired in favor of a newer, younger person. The turnaround time is very fast for models in general, especially in the fashion industry.
Additionally, the nature of the work does not fall under the category of a career that has security or longevity. Models are independent contractors, which means they do not get health benefits, retirement savings or other benefits that would come with a traditional job, which can make it difficult to make a good living off of.
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