Because it is a myth?
The conclusion from
this research was: "Experimental results indicated that the efficiency of the chain drive varied as a function of chain tension. It was found that the efficiency varied linearly with the reciprocal of the average chain tension with the highest efficiencies occurring at high chain tensions and lowest at low chain tensions. For example, the highest efficiency measured in the study, 98.6%, was measured at a chain tension of 305 N and the lowest, 80.9%, at 76.2 N.
It was found that chain-line offset and chain lubrication have a negligible effect on efficiency under laboratory conditions. Calculations of frictional loss resulting from offset indicate that this loss should be small compared to those produced by other mechanisms. This was verified experimentally. Lubrication effects on chain efficiency were tested using three different chain lubricants under a variety of test configurations. No significant quantifiable effect of lubrication could be inferred from these tests."