Because it's "everyone's MITM" it would make it a perfect spot for state actors to tap into in order to surveil pretty much everything without anyone being able to notice.
Hell, just the server logs (timestamps, IP addresses and exact URLs) would be unbelievably valuable.
I'd be really surprised if someone wasn't taking advantage of that.
Which is to say if you selfhost because you want more control and privacy, you probably want to avoid services like that.