As far as I'm aware, all of the major exchanges in the US are in NY or in Chicago, and even then, Chicago is mostly just futures exchanges for commodities and not stock exchanges. So unless you're headquartered in NYC (which most companies listed on NYSE/NASDAQ are not), you're already not working with a stock exchange in the same area as you, and failing to collocate the stock exchange isn't really a detriment. (Interestingly, even historically, when stock exchanges were more plentiful in the country, there just doesn't seem to have been much demand for a stock exchange on the west coast at all.)

The main reason to move away from the NYSE or NASDAQ is if you don't like the rules those stock exchanges have.

Scams. The answer you are looking for is scams and fraud

And yet, it’ll be inevitably be seen as the Dollar Store stock exchange.

“Well, we IPOed!”

“Congratulations!”

“…in Texas.”

“Do you need to use me as a reference?”

I bet there will be tons of pressure for OpenAI to IPO on this Texas exchange.

“We’ll consider it, but we consider this important and want to be taken seriously.”

40% lower labor costs, 60% political posturing.

Theres a lot of reasons people will list (cultural, cost of living, quality of life) but the real answer is

1. Texas is a corrupt state and you can bribe your way in to power

2. No income tax