Are there any reasons why engines tend to use iron, aluminum, titanium (connecting rods), and even magnesium (engine blocks) components while steel is far less common?
It seems the bottom line is the difficulty of machining it to the tolerances you need so it may boil down to steel is harder to work with and maintain.
Because for a lot of reasons iron is a better metal to cast and forge if needed then steel. Also anyone that has heard an engine with a steel block knows the noise it makes doesn't suit the family car.