Quoted from toyotaboy:
Plus the kid actors will eventually be grown up, same reason you don't see any more harry potter movies.
There are no more Harry Potter movies because they ran out of books, and that’s even after splitting the last book into two separate movies.
There are ways you can evolve kids and storylines. Arrested development had to do so with George Michael and Maybe, and even watch a new vs Season 1 episode of Modern Family. Those kids are twice the size they used to be (thankfully Claire doesn’t age a day throughout the show, so it masks it a bit). You can evolve stories with child development and even shift the stories to new kids (Home Alone, Boy/Girl Meets World...etc).