The problem with Sword of the Occult is that... well... it just doesn't work.
Thing is, there are three kinds of champions who would buy Sword of the Occult:
AD Assassins
Damage-Oriented Bruisers
Marksmen
Marksmen wouldn't buy it, because they're always the priority target in every game, and are super-weak at the early phases, meaning that they're probably going to be losing stacks constantly, specially if they sink money into something that takes a while to get rolling instead of something more cost-effective from the get-go.
Damage-Oriented Bruisers just have more important, better items to buy, since they require a mix of both defense and offense, and thus, have to balance their itemization very carefully and can't waste it on an item that isn't even going to help them snowball all that much. Plus, they're constantly on the frontlines, which raises the chances that they'll get killed.
And AD Assassins are very much sink-or-swim champions, who even when they're ahead, can very easily be halted by one good play and killed. Thus, they do not need to tack on extra risks to get more of something that they already have enough of.
In comparison, champions who can buy Mejai not only scale better with AP, but have better ways of acquiring stacks (Such as AoE abilties or utility to rack up assists) and are overall more safe than champions who are constantly putting their necks in the line.