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Because IP banning them may result in other posters not being able to get on the site either.
I'm pretty sure admins can ban an account without banning an IP address.
Of course, a banned person could just keep coming back (as Ashmodai apparently already has several times), but it seems to defeat the purpose of a ban to say, "we know you're a banned user, but you have a new name so the previous ban doesn't matter." I'm actually all for giving people a chance to redeem themselves (which Ashmodai has also apparently had several times), but if bans don't mean much then it would be easier to not bother banning in the first place, and let them try to change behaviour on the original account.