It just sucks
First reason is pretty easy. Flash just sucks.
It is not an open standard
Flash sucks, if it was open someone who actually know what they are doing could fix it. Now that is impossible.
It makes my computer sound like a tractor
As soon as I enter some website where they have had a 9 year old writing the code for their obtrusive ads my computer starts sounding worse than any mechanic machine I have ever seen or heard.
People do such awful things with it
Flash “developers” pollutes the web. They build things that hurt my eyes and make me angry. No one wants cool stuff, that is so multi-media. People want good services, build them with the right tools. Using Flash for building web is like building houses of papier-mache, it will look awful, be useless, fall apart and make the user angry.
Good Content are hidden
Lets say, hypothetically, that there would be a website where they had actually added some good content to a Flash implementation. It is impossible for me to find it using the Google on the interwebs! How could someone choose to build stuff in Flash?
It Breaks Conventions
Flash fucks up everything that a user has come to learn about navigation on the web when it comes to hyperlinks. Of course you can build that in Flash, hypothetically, but since there are no good Flash “developers” it just breaks conventions and frustrates users.
It takes too much resources
As there are no good developers developing on the Flash platform, all ads/crap-flash stuff kills any computer.
It is too common
It is everywhere and that makes it difficult for Google, MS and others to ignore it. The only company with a good approach is Apple who actually has started to show the web community that they do not plan to support flash anymore on iphone and ipad.
There are better alternatives
Build accessible HTML5-applications instead with graceful degradation. If you really need desktop functionality, for god sake, use some other solution than Flash. You should be able to use web technology for most of your needs, it is only a definition of support and accessibility for lesser browsers, something Flash “developers” have ignored anyway.
It is a private product
Adobe runs a business. They want to tie in as many users as possible. They do not care about the evolution of web technology. This is the main thing, they dont have to fix things as long as they can sell IDE:s and upgrade to new versions when they need better cash-flow.
Flash must die. It just have to.

And you have learned to hate for comercial reasons. Long live to flash games, superinteractive designs and so much more. Forget bad design. Bad design also exists with designs in HTML & CSS. The tool is not the guilty.
Sorry about my english. Saludos!
I agree in every respect except Flash games. Some of them are really fun, like stuff on armorgames and kongregate. However, they still use huge amounts of resources and often make the browser crash. Otherwise, you’re right.
Hail to this post! I really hate Flash as much as you do. It is a CPU/GPU-killing framework, it has really nothing to do with the web. Most developers use it wherever it is more useless, destroying expectations about a good web UI.
And it overheats my laptop, till I cannot use it anymore. Cool are Flash games, but not worth all these negative aspects, I’d say …