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There isn't a reason, as they did make friction/index 10 speed. I've got a pair.
They did do another variant that was index only though.
http://si.shimano.com/pdfs/ev/EV-SL-BS78-2282.pdf - Friction/Indexed
http://si.shimano.com/pdfs/ev/EV-SL-BS79-2873A.pdf - Indexed onlyI rode 10 speed friction for a while (necessity as I only had 7 speed levers available). It wasn't great but it was manageable. In fairness it was on my pub bike and I didn't change gear all that much.
tallsam
Friction shifting is great at 8sp - bearable at 9sp - but a pig at 10sp.
Cogs much closer together, so much harder to 'trim' to the precise gear without slipping up / down... Take it from me, it gets very frustrating.
There is a reason why shimano 10sp barcon shifters are index-only.