The customization focus of Sackboy precludes him from being a true mascot character. It's really as simple as that.
A mascot needs to be immediately recognizable or it's not a mascot. That means strongly defined features and a readily identifiable style. It has to stand out, even if it looks dumb at first--constant exposure will stop people from thinking about the "dumb" aspect and instead simply jump to the association aspect.
Sackboy simply isn't cut out to be a mascot. That's nothing against the games or the character, that's just the way it works out. Sony needs a game/character that is more cartoonish and focused for that.