Giles Gray - "I think the Watchtower is stuck with this doctrine. If they were to step back from that position now, and make their stand on blood a conscience issue, the lawsuits against them would be overwhelming. I believe that they know their position on blood is incorrect but they need to maintain that stance for fear of litigation."
That's partly it, but I also think an even bigger reason is that reversing it is tantamount to admitting they were wrong to have it in the first place...
...and they'd rather gargle with broken glass.