In my opinion, one of the the things that makes a game appealing is the amount of chips on the table, or the amount of money in the game. The more money in the game, the more I have the potential to win. With all other things being equal (stakes, number and skill of players at the table, etc.), what's likely to draw a player to one table over another is the amount of money in the game. By taking chips off the table and out of the game, you're lessening it's appeal to other players who will bring more money to the game.
I think in a lot of player's minds, when they sit down and buy in at the table, it becomes their game as much as your game and the guy sitting across from you. Now, it's our game. When you take chips off the table, you're taking chips out of the (our) game, which lessens the appeal of the (our) game. If you want to take your chips out of the (our) game, then leave the (our) (my) game. Make room for someone who is bringing money to the (our) game, not taking it out.
More than that, I think that every player wants a chance to win their money back. Even when I'm playing an MTT, I hate it when a player wins a chunk of my chips, then gets moved to another table before I get a chance to win them back. But it's an MTT and they have to try to keep the tables balanced. So there is nothing I can do about that. I hate it even more when I'm in a cash game and a player wins a chunk of my chips and immediately leaves the table before I get a chance to win them back (hits it and quits it). But you can leave the table anytime you like, and there is nothing I can do about it, except maybe avoid playing with that guy in the future. Now imagine that you're in a cash game and some guy wins a good chunk of your stack. Your can quit and leave with what you have left. But you're not going to do that. You're going to use your remaining stack to try to win back what you've lost and hopefully a little more. Except that this guy has just scooped all but the minimum buy in off the table and put the rest of the chips in his pocket so that you won't have the chance to win them back from him. Now you have to sit there looking at this guy's shit eating grin and try your hardest to resist the urge knock that look of smug satisfaction off of his face. I'll put up with it for the chance to win my chips back, but he's already put them in his pocket. So that's not going to happen. And the longer I have to sit there and see that look on his face, the more pissed I get. In fact, the very biggest argument against ratholing, my be that it promotes chair throwing.