I can think of two things:
1. It swells in thickness when it gets wet, and never quite goes back to its original shape or density. This precludes using "water-soluble scenery" techniques unless the Homasote is sealed first.
2. It seems solid enough to be self-supporting as roadbed, but isn't, quite. If you just use Homasote, the roadbed will sag. So if you have to use plywood anyway, why bother with the Homasote?