Romney can be considered the candidate of the corporate, Big Business, Chamber of Commerce-Club for Growth, RLC-wing of the Republican Party. He is the heir to Steve Forbes. He is the antithesis to the perceived populist Mike Huckabee.
There aren't enough Wall Street types, Paris Hilton types, and Grey Poupon types out there to win an election, except perhaps in Beverly Hills, Malibu, Manhattan, etc. Outside places like this, the Forbes/Romney base is only a vanishingly small proportion of the population, ESPECIALLY in "flyover country". While most Republicans would have states like Wyoming, Alaska, the Great Plains states, and Indiana in the bag, Forbes or Romney would not.
If Steve Forbes had been the 1996 nominee instead of Bob Dole, he would have lost every state, even Utah. Romney would win Utah but only because being Mormon gives him "favorite son" status.