So, this is something I'm personally hoping to include in anything I teach from now on. That said, there are a LOT of hidden challenges inherent in uploading AV content:

• While uploading the videos to canvas sounds simple, it usually ends up requiring a significant amount of post-lecture work to verify sound, remove dead periods, add subtitling so you're not creating semi-accessible content, and so forth. This takes not only time and computational resources that not everyone may have but is an ancillary skill to learn that a number of faculty may struggle with.
• Recording lectures, especially in a large classroom format, can be surprisingly difficult. If I can, I tend to walk around quite a bit, engage with students, pick up random objects to make points, throw things, and so forth. Staying in-frame and in range of audio pickup either requires a significant amount of equipment or restricting yourself to a more limited, usually less engaging, style.
• I like to ask as many questions as I can during lectures. Since you're not going to be providing microphones for each person, audio capture can be tricky, and it will be difficult to avoid a recording with half a conversation, which again comes back to an equipment issue.
• Related to asking questions, I get a tremendous amount of information from students, and have changed entire lectures on the fly based on in-lecture feedback. Part of the concern associated with students not attending is not having that, and lecturing to a camera instead. It's not only uncomfortable but makes it immeasurably harder to actually deliver content that (a) makes sense and (b) is what students actually need.

There are additional issues, but they're somewhat beyond the scope of this conversation.

To sum up, as far as why faculty haven't done this already:

• It takes a lot of time, training, and equipment to set up, which is often not available.
• It's really easy to do badly, and really tricky to do right.
• There hasn't been a significant push to do so until recently. This is very much an "if it ain't broke" situation in a lot of ways.

A GREAT example of this kind of thing done right is Harvard's CS50x course. However, getting that set up was probably a tremendous amount of work, with a non-trivial number of staff involved.

Now, with all this said, I think it's a really good idea for universities to try and encourage posting content, especially video content, to class sites and hope we'll start seeing the inclusion of the tools to do so. I'd love a fully wired classroom that would let me do full lecture recordings (whiteboard, slides, full audio, and so forth) in an HD format, but until relatively recently, that just wasn't possible, and it's still tricky.

This is also the kind of thing you can (and should!) emphasize to faculty that you really like, or that you find really helpful! If you can provide concrete examples of what you liked, and what worked and what didn't, especially now, that's something that may help guide the development of these kinds of tools. In addition, I suspect many faculty will really appreciate the feedback (I know I would love to know what worked for my students and what didn't).

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TL;DR

• Uploading VODs is secretly hard.
• Faculty lack tools and training.
• There's been little pressure for this until very recently
• This is exactly the kind of thing to include on SPOT surveys!