This is not actually the main reason, most of the time.
Generics/monomorphization and how iterators work results in a lot of compiler bytecode that has to be churned through. More bytecode = longer compilation. It increases the size of the (debug) binaries, the debuginfo in general, causes performance issues with debug binaries in some situations unless you bump the optimization level, causes more IO, etc.
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This is not actually the main reason, most of the time.
Generics/monomorphization and how iterators work results in a lot of compiler bytecode that has to be churned through. More bytecode = longer compilation. It increases the size of the (debug) binaries, the debuginfo in general, causes performance issues with debug binaries in some situations unless you bump the optimization level, causes more IO, etc.