One potential problem is that that region isn't as hospitable as the Byzantium region - there are mountains not too far away, limiting farming space. Additionally, there was no major pre-existing settlement here, stifling development. The start was also not as narrow here, lessening defensive advantages. Overall, the problem is that Byzantium/Constantinople/Istanbul is simply the best option for a city bridging Thrace and Asia Minor, making it hard to get anyone to build in a worse location. Finally, even if a city was built on the peninsula, it would be built at Canakkale due to the strait being narrower there.