Because, as Intel found out with the P4, single-core designs do not scale well. You can increase the core clock as much as you want, but only at a cost of increased energy usage and heat wastage.
In the end, multicore processors are the way of the future, because they allow computers to run more tasks concurrently without slowing down.
Also, consider that recent designs are just as good in terms of single-thread power as the latest and greatest of the single-core generation, there's just no good reason to return to single-threaded designs (Except of usage scenarios where power is scarce, and processing power not that necessary, like mobile phones. Or toasters.)