Two reasons: 1. Substantive Due Process jurisprudence allows them to do whatever they want regardless of what the constitution says, adopting P or I makes it more difficult to ignore the constitution since there is less jurisprudence to use as cover. 2. P or I potentially opens up a whole new field of constitutionally protected rights, like the right to contract, that they really don't want to deal with.
Yes it probably is the last best chance. However since most of the BOR is incorporated anyway it doesn't really matter like it would have 100 years ago.
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