It costs an awful lot for stats that aren't 'always on', and double stacking on hit effects means you need a few other sources of those first, which in turn make it so you have fewer slots available to build it even remotely smoothly, and it's just impractical. Fun for the few who can use it effectively, but in practice you're better off spending the same gold on more reliable stats that have a smoother build path.
There was a rageblade meta once upon a time though where if you could even remotely build it, you did (e.g. trist would build it). It was kinda neat.