For one thing, Dominion was promised as a permanent mode when it was released, and reneging on that promise reflects poorly on Riot. More importantly, replacing Dominion doesn't actually do much. Whatever game mode replaces Dominion will almost certainly have the same level of Riot support as Dom currently does (read: nearly non-existent). As such, said game mode would most likely suffer the same problems of neglect and meta stagnation that Dom does. In the end, Riot would have angered a segment of the playerbase by removing their preferred game mode in return for pleasing a segment of the playerbase that's probably roughly the same size as the one they drove away. The benefits of replacing Dominion don't really outweigh the costs of doing so.
On a side note, replacing Dominion with Ascension is an intriguing suggestion. Given that Ascension is a vastly simplified Dominion, suggesting it as a replacement is interesting. Why do you prefer Ascension over Dominion?