The only downside I was able to come up with, was also denied by my own brain 5 seconds later.
Was thinking it could be an exploit to see all characters (of an enemy for example) within your own borders.
But you can easily look that up through 'Realm and Regions'.
However, not everyone does that, so a sneak attack might become exposed by these 'realm wide messages'.
I know, far fetched. It wouldn't be a reason to not include this sort of option. It's just what popped into my head when first reading this.