Basically, its a solution that satisfies literally no one and which is likely to lead to even worse government. Like a prolonged period of direct rule would just embolden the extremists on both sides and while I doubt that we'd ever get back to the Troubles again, even a slight uptick in violence is a bad thing.
Besides, a large powerful central government governs worse nine times in ten than a devolved government and assembly, even one as dysfunctional as Northern Irelands...
Also, the main UK parties have not (generally) run in NI elections and so they have no seats. As a result, the current Northern Ireland Secretary is an MP from South East London...