#3 It would spoil last year's ending
The match with Roman Reigns was sad, but it was mostly forgotten as soon as it was over.
Slowly and methodically, Undertaker divested himself of his gear and appeared to retire, descending to the depths of the underworld from whence he came. It was a perfect sendoff for the deadman character.
Him coming back after all of that would just feel empty and unsatisfying. If not like that, how? What better way for Undertaker to retire? A classic match is an impossibility at this point and last year he put over a new star (even if it isn't one the fans wanted).
If Undertaker loses to John Cena, it only looks like Cena is putting an old man out of his misery. If he wins, nothing changes. Both men are in exactly the same position as before, except the ending to last year's WrestleMania would be rendered meaningless.
It would just be another sad thing to watch, to be honest.