Because it's a stupid idea. Think about it, both have a punchers chance to knock one out. This aint lightweight or some ****. It's heavyweight. One big punch and that's bye bye money, bye bye win. You'd lose all that money and the chance to fight for that money again. Boxers fight for money, not to gamble.
Come on. That sounds nice in the movies, but in the real world, the sides would not agree to something like this with this much money at stake. If the fighters were that crazy/confident to agree to it, their handlers would talk some sense into them. I would however, like to see some sort of monetary bonus/extra split for the winner. 60/40, 65/35, whatever...I'll settle for that.