Wireless bandwidth is *extremely* limited. You couldn't get enough raw data to the controllers (textures, geometry, shader information) fast enough for the controllers to process it, and then of course the controllers couldn't even begin to process it until all information had been transmitted. Plus, then you spend $100 in CPU and GPU technology in the controllers.
You can still have the same bandwidth to two controllers as you do with one controller. It's like a three-way phone call: you have an extra person on the line but since only one person can talk at once you can't send twice as much information just because there's an extra person. (You can multicast identical video to both controllers at once, but if each controller needs different viewpoints then you have to send each stream separately and can only send half as much data to each controller.)
Let's not forget that Wii-U gamepads are
controllers first and foremost and will also be optimized to send controller input as efficiently as possible, which means you can't push the wireless communication to the limits like you could if they were display-only devices. Remember, one of the best things about the Nintendo Wavebird controllers was that they were pretty much the first RF wireless console controllers that didn't have any lag to speak of, which made them so great.
And the Wii will still have Wii-U controllers to communicate with at the same time.
This doesn't mean there's not still a hardware processing power limitation--it's probably still a tricky job. But it just means that there's both that plus the wireless communication limitation.