Because MAX is really big (231-1 bytes) and could lead to a server meltdown if the server had to check for uniqueness on multi-megabyte-sized entries.
From the documentation on Create Index, I would assume this holds true for unique constraints as well.
The maximum allowable size of the
combined index values is 900 bytes.
EDIT: If you really needed uniqueness, you could, potentially approximate it by computing a hash of the data and storing that in a unique index. Even a large hash would be small enough to fit in an indexable column. You'd have to figure out how to handle collisions -- perhaps manually check on collisions and pad the data (changing the hash) if an errant collision is found.