I think one factor that can hold up consolidation that isn't petty is the geographical practicality of it.
Up in my neck of the woods, you have Riceville. Probably one of the smallest school districts left in the state, but due to their location, they don't have a natural consolidation partner. The town is half in Mitchell County and half in Howard County. To the east, the nearest school is Howard-Winneshiek in Cresco, which is 22 miles from Riceville and over 40 from the northwest corner of the district. If they merged with that district, you'd have a school district that was about 60 miles wide. To the west are St. Ansgar and Osage, which pose the same kind of issues for students on the east side of the Riceville district. These are valid issues that go beyond emotion and/or town pride.
The only real solution, which you would likely never see due to the petty nature of these things, would be to split the district between the surrounding districts, with those three coming together to share the existing facility as a K-8 (to reduce busing kids 80 miles a day).
Because there isn't a clean solution, there isn't any real kind of discussion going on about the best way to deal with this, and you continue to see this smaller district soldiering on without much better option.