Not really. But there are practical, and legal reasons why this isn't done.
First of stock photography does not cover this kind of usage, so these images are expensive as not only do you need to comission the photographs. You also need release by the models for this specific use, but can still get into legal problems in some juristictions.
It makes it harder to print and get consistent logos printrun to printrun, manufacturer to manufacturer. Having solid colors is easy to specify, even gradients are a walk in the park. Not impossible just more problematic.
The logo has to work on many sizes and mediums. So while it is ok for a logosystem to have variation. If the image elements are very prominent, then you may have problems recognizing a white on transparent logo that is etched on glass for example.
PDF documents get unwieldy for digital consumption. And so on and so on.