As with all things in life, if you want to know why something happened or why it's not happening, you follow the money! $$$$$$$$$$$
The Olympics is run by the International Olympics Committee. This is an organization of bureaucrats whose purpose in life is supposed to be to maintain the "Olympic Tradition". In reality, their position in life is to obtain money, most of which goes to keeping the "Olympic Tradition" going from year to year, but much of which lines their own pockets. There are 3 substantial sources of $$$ when it comes to the Olympics. Source # 1 is the Bribes that the prospective host country gives to the members of the "Olympic Committee". Source #2 is the MAJOR $$$$ that is given by the Television Networks which "win" the rights to televise the Olympics. Source # 3 is the licensing fees paid to become an "Official Sponsor of the XXXX Olympic Games".
Now comes the important part - the MOST IMPORTANT and largest funding source is the Television contract(s). Television networks are able to bid MAJOR $$$$ for the Olympics only because they can charge MAJOR $$$$ to various organizations who wish to advertise (commercials) during the Olympic broadcasts. How much they can charge for commercials is HIGHLY dependant upon the popularity of the events being broadcast, and the time slot. The most popular events get the prime time coverage. The events that few people care about get the 3 AM coverage and small $$$$$ for commercials. There is just so much time available. Bowling has not historically had huge television audiences. You know what does have huge television audiences? Girls and Women in skimpy outfits. Now that draws viewers. Gymnastics and Swimming and Diving competitions have always been huge audience draws. Now you get Rythmic Gymnastics, TEAM Rythmic Gymnastics, Trampoline, Synchronized diving, Synchronized Swimming, blah, blah, blah. There are probably other events with women and girls in skimpy outfits, but I didn't watch hardly any Olympics this time, so I missed it.
What it boils down to is that you aren't going to see Bowling in the Olympics in the future unless the bowlers are female, age 15 to 25, and bowling in bikinis.