Do you happen to have MTW's textbook, "Graitation"? I know they have a good section on the topic of why you can't localize the energy of a gravitational field.
I'm not sure how much more clear I can be, but I'll try saying it again.
Covariance is an important physical principle. It boils down to saying that measurements made by different observers represnt the same underlying reality.
The sort of covariance we need for relativity is Lorentz covariance. Any four-vector, regardless of whether it is (time, distance) or (energy, momentum) must transform via the lorentz transforms to have a physical meaning that's independent of the coordinate system.
If you don't have covariance, your quantity cannot be defined in an observer independent way.
Pseudotensors, in the sense used in General Relatiavity (i.e. the energy pseudotensor you refer to) do not define energy in a way that's independent of the observer.
Some people have remarked, with some merit, that the "pseudotensors" in GR are really just non-tensors.
The thing that makes energy pseudotensors useful at all is that while they don't offer an observer-compatible defintion of energy, the total energy computed via them will transform properly given the proper conditions (usually asymptotic flatness).
So the pseudotensors themselves do not offer any physically meaningful way to localize energy because different observers will, as other posters have remarked, not have compatible views of how the energy is distributed.
They do allow you to come up with a total energy that everyone agrees on, however. (And they aren't the only method of doing it, there's a proof I think that the pseudotensor definition of energy matches the Bondi defiition).