Because the Pi has a very fast and modern GPU (graphics processor) but only a somewhat outdated old ARM main CPU. The fast GPU of course helps with 3d games but won't do anything for 2d graphics that are drawn by the CPU.
Edit: I should add that there is an OpenGL driver for AGS (like the Direct3D driver) but it is not yet working on Linux and the Pi also does not (currently) offer hardware accelerated OpenGL in the X window system. Even with that there is still the issue of script-heavy games hammering the CPU.
Edit: I should add that there is an OpenGL driver for AGS (like the Direct3D driver) but it is not yet working on Linux and the Pi also does not (currently) offer hardware accelerated OpenGL in the X window system. Even with that there is still the issue of script-heavy games hammering the CPU.