Why don't more people stay in banking?

Background: banking for past 2 months
Question: why don't more people stay on for third year analyst stints rather than moving to PE?
Premise:
1. Banking is a more stable job than PE, albeit lower pay
2. Most PE programs are 2 years an out (even MM PE nowadays), then it's on to bschool - MUCH harder to get BACK into PE post-MBA; if you go back into banking post-MBA after failing to return to PE (apparently this happens more often than people think), you start as a 1st year associate and have lost on 4 years of career progression, 2 years of pay and 150k in tuition
3. 3rd year analyst+associate hours are much better than your first 2 analyst years - weekends work not very common and on average 12-14 hours a day
4. A 2 year analyst stint sets your up for success during your associate/VP years - huge edge over associates straight out of b-school
5. PE work is very similar but slower paced, focusing on fewer, smaller deals, for more time
6. Banking job gets a lot more interesting associate+