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Because it (somehow) speeds up hair growth. Some say it's by synchronizing growth cycles and other by opening up potassium channels. Anyway, your hair starts to grow and (as I have experienced) after a while it stops working as well.
Perhaps minoxidil does stop working after a time, but simply speeding up growth couldn't deplete the hair cells any quicker as they don't have some finite number of times they can replicate. In healthy people with low androgen sensitivity they just keep going and replicating as long as the nutrients are there.
Not picking an argument here, just that your theory is a bit strange as the mechanisms of androgenic deterioration and the proposed methods by which minoxidil accelerates growth are very separate.
I'd think of it more as minoxidil getting the most out of the cells that are there, and after a certain point they're just beyond help.