I think it's important to explain what, exactly, a "RAW" image is before I go further into my reasoning for why I don't make raw images available for bulk download.
A raw image is one out of thousands of other raw images from a session. These images mostly compose of bad angles, unflattering poses, facial out-takes, funny expressions, out of focus captures followed by an insane amount of near duplicates -- and, out of those, there are amazing images with just the right attributes that need to be hand selected.
After a session is complete, I go over each and every one of these raw images until I find specific images that have all the right attributes of a great photograph --- the right angle, the right lighting, the right expression, and the right pose are key characteristics of a photo that will pass my meticulous curation process. I then repeat said process a number of times to continue shrinking the pile of raw images until I have the very best from the shoot. At this point I can start re-touching my selections into the final product.
So in other words, the majority of raw images are the unintended but absolutely necessary consequence of a photo shoot. The rest never see the light of day, and for good reason! Thus, giving out raw images would ultimately display my unfinished work, and like with any form of artistic expression I strive to deliver the best.