if you mean that it needs multiple assets as a reserve/collateral then that just makes everything more complex when there is already ways to keep the price on peg.
And backing a decentralized asset with fiat is only a nonsense that Ethereum people are able to come up with, but that's pretty much the best choice they can do when they have liquidations.
Bonded Stablecoins have no margin calls, no liquidations.
Then they’re just bounded assets rather then stablecoin. Asset which is not sustainable is not entitled to be called stable. Third and reliable party that would secure reserve could mitigate liquidation problem. Why do you think no market has shown any interest to them so far. In my view because of mentioned reason - they are just not stable.