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The question is not "WHY" ... but "WHY NOT?"
We have everything right here. We have a Lake. With a few modifications, we have most of the facilities and arenas that are required. And unlike Beijing ... there's no thick clouds of polluted air hanging in our skies. And compared to Chicago who has a bid in for 2016 (which they probably will not get) - I think we're a much more friendlier city to host such an International Event.
Imagine a revitalized Flats as an Olympic Village!
I wouldn't mind see the Olympic Flame burning above Browns Stadium.
Want to give this city hope? Want to revitalize us? Let us host the "World" and become known for something more than the "Mistake by the Lake which set a River on Fire" ... although a burning river Olympic logo may be kind of interesting.