It might be for political reasons..... or simple sour grapes. They've long been lobbying for a hard fork block size increase. In the New York Agreement last year, they agreed to support Segwit, but that was also contingent on a hard fork increase that never came to fruition.
I also don't know what upgrading to Segwit entails for a company of Coinbase's size and architecture. It might be fairly easy and quick to implement Segwit, but migrating all of their wallets/outputs to Segwit might be a larger endeavor. It should be pointed out that most major exchanges took months to support Segwit, and many still don't. Almost none of the exchanges support withdrawal to bech32 addresses yet, and I don't think many are using them for deposit either.