What is the reason?
For example, a O(log(n)) function will be faster than a O(k * n) function, for any fixed k, when n>j (for some fixed j i.e. when n is large enough). When comparing major classes of functions (n, log(n), 2^n, etc,), constant multiples don't matter, mathematically.
The other reason is that when comparing two functions with a similar amount of constant steps, let's say 5n vs 2n, it's impossible to say which is faster in the real world, so it's simpler and just as useful to collapse the set of O(k * f(n)) functions into O(f(n)).
Another answer could be Moore's law: machines do get faster over time. (And also memory gets cheaper.) And so we wish to define efficiency (time or space) in a way which does not depend on the current technological state.
I was annoyed to see that comment about division, as of course dividing n by 2 has exactly the same effect regardless of the size of n. This is not the reason we ignore multiplicative constants in complexity analysis.
It reminded me of the joke that Earth's circumference is pretty much the same as its diameter, since the the size of pi is negligible at that scale.