Why does Bitcoin Core support a transaction index but not an address index?

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Bitcoin Core has CLI option -txindex to maintain a full transaction index for RPC calls. It seems useful for some use cases, like for a blockchain explorer. So it makes perfect sense that there should also be an option to enable an address index, which would look up address balances and transaction histories, but there isn’t. Why is that? And why exactly was -txindex included in the first place?

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