Sure, and watch otherwise close games become lopsided.
With the exception of the ones to start each half, KOs follow a score. The KO gives the opposing team a fair chance at good field position so they, too, have a reasonable opportunity to score. Pinning them back at the five with a KO out-of-bounds would be adding insult to injury. Not only did the opposing team score, but they left us with crappy field position. And unlike a punt, where there's a defense trying to block it, the place-kicker has all the time in the world to set up the kick, making the old corner-coffin kick a certainty.
A punt is a different story. When a team punts, it's surrendering the battle to fight another day. Trying to pin the opposing team back makes good sense from a competitive standpoint.