Because a link cannot be made to refer to any other object after it has been initialized to refer to a specific one.
ยง8.5.3.2 of the Standard states as evidence
A link cannot be changed to refer to another object after initialization. Note that link initialization is handled very differently from the destination to it. Passing the argument (5.2.2) and Returning the value of the function (6.6.3) is initialization.
Data structures and algorithms (albeit to a lesser extent) typically include adding, deleting, and reordering objects within themselves. Using links you cannot do this, so use pointers to do this inexpensively.
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