The best explanation I've heard is from a PV installer. He said, "Every try to get a suntan standing up?" Seems you lose too much sun exposure to make it worthwhile.
I didn't try to get a suntan, but I have gotten tans while standing up. It's called working outdoors (and not properly covering up, which I'm paying for now).
That said, the economics of vertical installations have changed. The cost of panels keeps going down, and as it does it's starting to make sense depending on your location and how you're orienting your vertical panels. Remember, almost all solar panel installations will be suboptimal unless they include a mechanism for tracking the sun. The question is how bad is suboptimal, what's the cost of the panels and what's their energy yield?
I suspect it's more of a "hassle ain't worth it to lose 20%" type situation.
Could absolutely be worth if you can make that 20% back dodging permits because it's not flagrantly visible on the aerials like roof panels are.