Because they can't using chip based DAC's. Chip DAC's have two current outputs. So you need two I to V converters (amps) then a differential to single ended amp, then a headphone buffer to deliver the current. You also need a lot of analogue filtering wrapped around these amps. So why are normal DAC's so complex in the analogue domain? Two reasons:
1. Silicon DAC's are horribly noisy, as the substrate and grounds are bouncing around due to switching activity. So to counter this, it is done differentially, which means the ground noise is cancelled. It also hides the problems of the reference circuitry, which can't be made with low enough impedance on silicon. This translates to more distortion, and crucially noise floor modulation.
2. Delta sigma converters run at low rates - best is at 12 MHz - this means that there is a lot of noise that must be aggressively filtered out in the analogue section. This also applies with R2R DAC's too as these have even worse problems due to the very slow switching speed.
So to run with a single amp section you need the DAC to be single ended and to run the noise shapers at much higher rates to reduce your filtering requirements. Because the analogue section with Mojo is discrete, I can use extremely low impedance and low noise reference supplies - something that is impossible on silicon. This has the other benefit of eliminating noise floor modulation (actually there is a lot more to it than this as there are countless other sources of noise floor modulation in a DAC). To make the filtering easier, the pulse array noise shapers run at 104MHz - over an order of magnitude faster than normal. There are other benefits to running the noise shapers at 104MHz, principally the resolving power of the noise shaper. Now soundstage depth is determined by how accurately small signals are reproduced. The problem with noise shaping is that small signals get lost - any signal below the noise shaper noise floor is lost information. But by running the noise shaper at much faster rates you solve this problem too - indeed Mojo noise shapers exceed 200dB THD and noise digital performance - that's a thousand times more resolving power than high end DAC's.
If I get time today I hope to publish noise floor modulation measurements showing Mojo has zero measured noise floor modulation. This level of performance does not happen on any other non pulse array DAC's at any price, and its the primary reason why Mojo sounds so smooth and musical.
Rob