Another reason is that the grounding conductor has the potential to have multiple paths back to the source. This is because all normally non current carrying conductors that have potential to be energized are to be bonded. If some were to be bonded somewhere other than the main there could be "objectionable current" in the system. For example if a water heater were plugged into a system like this, all the plumbing in the house could be a return path for current. Remember, electricity doesn't just take the path of least resistance, it takes all paths available to it.