#5 Fan pressure
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Punk’s fanbase is pretty ruthless
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CM Punk was one of the most popular superstars in WWE history and that's a fact. The former leader of the Straight Edge Society had a memorable run with the company that started over a decade ago, and during that time fans certainly became attached to him in more ways than one. As a result, they can tend to be quite overprotective.
So if Punk came back, the pressure on Vince to book him as strongly as they possibly can will be unreal. Fans will voice their support week in and week out for Punk and the second something happens that the WWE Universe don't approve of, they'll see fit to try and hijack the entire show.
WWE don't want that kind of risk, especially from someone as volatile as CM Punk.
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