>>7507869Because as popular as MTG was and still is the people who play it are unlikely to invest in other merchandise with the MTG branding other than things DIRECTLY related to the card game like deck boxes and sleeves. Magic is already a very expensive hobby, and it's hard to sell people on buying a bunch of ancillary collector items too. Add to this the fact that Magic is an ever changing franchise. What was iconic 3 years ago is forgotten today. The only recurring characters are the main Planeswalkers themselves, and not everyone likes those enough to invest in figures, statues or whatever.
If you look at every proposed MTG toyline from the very start with the Resaurus toys to the Hasbro line (both of which were canceled before even being released) they featured a bunch of creatures that were iconic at the time, but a lot of players don't even know who they are today. Having a line of figures based on something that ephemeral is tricky.
If Magic was more like Pokemon where older favorites keep being brought back and updated then it would be a MUCH easier sell. However due to how Magic is structured and their policy of reprints, older cards are almost always outdated and forgotten. Like, imagine if Serra Angel was updated to be a competitive card constantly the way Pokemon are often overhauled. Then she might still be one of the three faces of Magic and worthy of action figures.