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They wouldn't have to make their own binder, as getting a binder from a place like Staples or Walmart is fairly cheap. They could alsoprint the pages on cardstock, which is much more durable than paper, and even then, there are stickers you can get for cheap that you place on the holes to reinforce them, or Wizards could add those to them by default.
It is much easier, and probably cheaper, to keep those looseleaf pages in good condition now than it was back in the 90s.
Even without a binder, they would have to package the sheets somehow. So that may negate any cost savings they would of had.
Cardstock is more expensive than regular paper, so that is a cost increase. Cardstock is also thicker and heavier, so that means each book takes up more space and is more expensive to ship. The only way to counter that is to not include as many monsters in a book, so you end up getting fewer monsters for the same price.
Plus the whole issue of monsters no longer being in alphabetical order once you start adding in monsters from other sources. Which you could fix by only printing one monster per page, but that only increases the cost to print the entire book, and makes it even larger, as now you have more cardstock pages (which are already thicker than a normal sheet of paper).
In the end, you just end up with a thicker, heavier, and more expensive product if you go that route instead of just printing a normal book.