Because it doesn't. Swindon - Kemble was a bottleneck in its own right and prevented increasing services against passenger growth on that line which was being seen.
The schemes you usually peddle are for reinstatements of long dead lines with the "and they offer diversion options" where such options are not realisable for a benefits case and the scheme overall is a basket case.
Swindon - Kemble was fairly cheap in the scheme of things
The £45 million upgrade of the Swindon-Kemble line has been completed
www.railmagazine.com
That was for 12 miles back in 2014 - but it shows the fundamental difference between upgrading an existing line and rebuilding a long defunct line - Swindon - Kemble being about £4m / mile, whereas the Borders Line cost more than double that (£350m / 35 miles = £10m a mile) and I'm pretty sure
@Bald Rick will confirm the total cost of Borders was even higher.