1. Women are just naturally more structured than men - oversimplifying, but I think that really is the heart of it.
2. I think because it would be very very hard to run a chapter with 500 sisters (and that would happen, with as popular as Greek life is there) and I think there are also housing issues involved. Plus, the elite-ness would go away if everyone who wanted to take part in it could. I would be all for that, but that's just me.