They actually have made RVs with one combined tank. Some older GMC motorhomes and bus conversions used them. It works, but owners have to watch water use closely because showers, dishes and toilet waste all compete for the same capacity.
Smell is likely part of it. A combined tank would put toilet waste directly below every drain in the RV, increasing the risk of sewage odors entering the living space.
Separate tanks also make the system easier to manage. The black tank can stay closed until it has enough liquid for a proper dump, while the gray tank can be emptied more often and then used to rinse the sewer hose. A combined tank is possible, and some RVs have used one, but separate tanks are generally cleaner and more practical.