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He didn't step aside because incumbency is a huge advantage. Harris is viewed worse than Biden is, with approval ratings in the 37% range (below Biden's 38%). So replacing Biden with Harris removes the Incumbency Advantage without improving any other metrics. What else do we have?
Biden is the Incumbent. He has a proven track record, name recognition, and the backing of the Democratic Party. He's beaten Trump once. He's the most likely to beat Trump again. Switching horses mid-race has never been a good idea, in horse racing OR politics. Just look at Carter for a good example of that. Unless there is a compelling reason to swap Biden out (such as death of the candidate, conviction of a major crime, involvement in a major scandal), as the old saying goes, in times of trouble, go with who you know.
I do think Biden could use to swap Harris out for a more progressive firebrand, or at least somebody younger, and this time make the VP be more front and centre. When confronted by it, he should say, "Hey look, I'm just an old man. I'll be 86 years old when I'm forced to retire by the 22nd Amendment, so I'm going to focus on making things work, and (s)he can focus on the PR crap." Just for shits and giggles and to spike the cannons of the 'he's too old!!!' crowd...and to set up his VP to deal with a Don Trump (third or first for jr) attempt to take the Whitehouse in 2028.
Defeating the shithead again in 2024 won't make him go away. I'm sure the oligarchs on the GOP side are planning for their next tin-pot dictator. Putin and Xi won't be denied, after all.