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The simple answer is because there isn't one Protestant Church and hierarchy, unlike the Catholic Church that has one body and a head, the Pope. Protestantism didn't come up as a single wave and form a new Church. It was in fact a series of different movements. Starting with Martin Luther's challenge to the Church and notion of "Sola Scriptura", "Only Scripture". Then over movements like that of Menno Simmons, Kalvin, Henry the VIII, and other movements inspired by different causes.
In short, the two main reasons are that there was no one united Protestant Movement, but a series of smaller scale reforms that seeded many different Churches. And also that Protestant movements were often against having a solidified hierarchy like that of the Catholic Church.
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