Another reason not to chase the low is that there's no guarantee on the low whatsoever.
Suppose you've got, for instance, A2JQ double-suited - by no means a great hand - but one that you might limp in with. Now, the flop comes 47K rainbow. You might think you're still fine here, because you can always chase the low - but look at what your odds are: you have to not only dodge two straight high cards, you also have to dodge the A, 2, 4 and 7 because any of those hitting is a blank for you too.
There are only 16 cards out of 45 that help you, so the odds you miss your low altogether are (29/45)*(28/44) = 812/1980 = 40% - and even if you do hit, as Chris Persichetti notes in a comment you may still be quartered (since many people will play any A2 too far, and a hand like A3 may still counterfeit and quarter you if you get 23 on the turn and river).
That's not to say that it's never correct to chase - but your pot odds for low are almost always worse than you expect, and there are virtually no implied odds unless you've got multiple people chasing a high; chasing your low heads-up just to chop is usually throwing bad money after questionable.