It means the chick is probably so damn annoying and high maintenance that she isn't worth the trouble. Chicks like that are usually a total pain in the ass. Some guys have less tolerance for that. I hate that.
I could give you a laundry list.
As Chad said, women like that tend to be annoying, high maintenance, and are generally a lot of trouble. I haven't dated a whole lot of really good looking girls, but I have dated a few, I was never happy with any of them, and I broke up with all of them fairly quickly (except for one, who I was actually really happy with, but she went off to college and I never saw her again).
Hot girls get hit on a lot, I am a HIGHLY jealous type, not a good combination.
I spent a whole year in high school pursuing "9"s and "10"s and all it got me was laughed at. I went back to "5"s and "6"s and I was a lot happier.
I like conservative girls, so provocative dress is a turn off, not a turn on.
Hot conservative girls exist, but in my subculture they are all married. I'll never have one unless I somehow lose a decade off my life, go to college, and live in the dorm for 4 years. So I don't even waste thoughts on them, it simply isn't going to happen.
So yes, I can certainly recognize that they are attractive, but that doesn't make them attractive to me.