The short answer is that Java web developers, as a whole, seem to be happy with the tools/frameworks they currently have, and do not prefer the Rails way of working enough to make such an effort worthwhile. Feel free to start a project if you think it would help.
The Java platform has many frameworks for doing web development, some provided by Sun/Oracle, and others developed independently. The Java platform also supports several languages, which can be used for web development. Groovy/Grails, for example, was invented to provide a Ruby/Rails-like environment on the Java platform.
The reason a Rails-like environment hasn't taken the Java platform like it did for Ruby is largely a matter of preference and momentum for the teams developing the applications. The existing Java technologies work well (not implying that others don't) and have evolved in a different way, largely because the developers already had certain infrastructure in place (Servlets, JSP, JEE). Java developers seem to prefer the Java way of architecting applications. They may not prefer working in a Rails-like environment. If Groovy were an option for them, and they wanted to develop an application using the Groovy language, they could easily do so, using Grails. (It should be noted that you could develop a Grails app using only Java code, but it would be an uphill battle.)
The best thing about the Java ecosystem is that it was created by people trying to meet a need. If you feel there is enough need, and you'd like to help out, feel free to start a Rails-like project for the Java language. Maybe it will catch on :)