Because in any machine, it's going to be under cyclic loads, and always in the same direction. I have made some machine parts using aluminum, and have never found it satisfactory. When we make riser blocks for some strange lathe mods, they are always steel or cast, the ones we tried from aluminum proved to fail, to become unusable far too soon. When we measured them, we found that the thing I call sag, there is probably another term, was predictable and always in the direction the load on it would dictate. Not that the same doesn't happen with steel, it does, but normally only 10% or so as much as with aluminum.
To answer Tim, if cast iron was not the best material for the job, Hardinge wouldn't use it. It has the damping, strength and mass that is required for a solid machine, can be hardened for wear properties and is still easy to machine. It's an old material, but like many others, it's still with us because nothing has been found that will do the same jobs as efficiently, cheaply and easily.