Punching a donut hole out (its called a slug in industry terms) is much harder. First you need the die to have a actual punch, that cuts a clean hole. The punch has to be kept sharp. The press has to travel further - to clear the slug. The die has to have a provision to let the slug fall out of the die, which makes the die more expensive to build and more costly to service.
If the punch doesn't fully make the hole the hanging slug could stop the blank from moving forward in the press - causing a double sheet which can cause damage to the die.
If the slug gets stuck and sucked back into the press, it can float around also causing damage to the die and parts.
Its just more complex / more expensive. Worst that can happen with a louver is they don't open enough and you make a bunch of bad parts. But it seems with filters even the bad parts are used, so the scrap cost is on us anyway.