Except that you're beating on this monster at the same time, and it has a time to live of 10 rounds (let's say). So the extra point of AC is worthless, because it will be dead first either way.
(Sorry. Re-engaging lurk mode.)Resource attrition, you say? Look, a seagull!
Yes, but that's just an example

If you tone the numbers down the point still stands, aside from the fact that you might be fighting more than one monster at any given time.
Sure, it might be true that in the context of 4e, where the monsters tend to hit for low amounts and there's healing aplenty, optimizing for survability might be overkill, but that's another matter entirely.