It does not even have to do with the electrostatic repulsion of the protons. This you can simply see from the fact that there is also no bound state of two neutrons, where the electromagnetic force does not enter at all.
The reason why you do not have a helium-2 nucleus has to do with the Pauli principle and the spin coupling of the nucleons.
Because nucleons are fermions, the state of the two-particle system must be antisymmetric under swapping the two particles. The possible isospin states are
triplet (symmetric)
[tex]|pp>, |nn>, \frac{1}{\sqrt{2}}\bigl(|pn>+|np>\bigr)[/tex]
(the first is a helium-2 nucleus, the second a deuteron, and the third a deuterium nucleus (not really, as we will see later))
singlet (antisymmetric)
[tex]\frac{1}{\sqrt{2}}\bigl(|pn>-|np>\bigr)[/tex]
(a deuterium nucleus)
the possible spin states are
triplet (symmetric)
[tex]|\uparrow\uparrow>, |\downarrow\downarrow>, \frac{1}{\sqrt{2}}\bigl(|\uparrow\downarrow>+|\downarrow\uparrow>\bigr)[/tex]
(spin-1, all three are just related by spatial rotations)
singlet (antisymmetric)
[tex]\frac{1}{\sqrt{2}}\bigl(|\uparrow\downarrow>-|\downarrow\uparrow>\bigr)[/tex]
(spin-0)
Total antisymmetry of the state implies that we have to combine either an isospion-triplet with a spin-singelt or an isospin-singlet with a spin-triplet.
Now it turns out that the spin-triplet(spin-1) is energetically preferred, while the spin-singlet (spin-0) does not lead to a bound state. Unfortunately I can not really give you an explanation of this now, I would have to look it up, but you can just see it from the fact that that there does not exist a spin-0 deuterium nucleus. All deuterium nuclei have spin 1. That means that the isospion state of the the deuterium is ##\frac{1}{\sqrt{2}}\bigl(|pn>-|np>\bigr)## and NOT ##\frac{1}{\sqrt{2}}\bigl(|pn>+|np>\bigr)##.
That the spin is symmetric implies that the isospin has to be antisymmetric. But the states ##|pp>## (helium-2) and ##|nn>## (deuteron) are symmetric. So the fact that we find only deuterium nuclei with spin-1 directly tells us that we cannot have bound states of two protons or two neutrons.