They stopped doing it because too many people were gluttons and would eat, and eat and eat.
I remember years ago I went there with a friend.
I ate about 3/4 of one large pizza. My friend ate 3 large Pizzas himself. He had a stomacht that might have been 1.4 meters around. 4 1/2 feet.
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The other problem with all you can eat is that people will help themselves to a mountain of food, eat only a fraction and leave the rest to waste.
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I think they stopped doing it because pizza became more of a take away and casual food rather than a restaurant food
its not that Pizza Hut restaurants no longer offer all you can eat - there are no longer Pizza Hut restaurants, only takeaway outlets.
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I haven’t been to Pizza Hut since the early 90s. I remember everyone in our group being really excited about the all you can eat buffet, but they gave you a really small plate to pile it up on. Over the years it went downhill. Pizza Express was always a nicer venue.
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Haha, sounds like your friend was on a whole different level! Too bad they had to end it because of people going all-in like that. I bet it was a blast while it lasted though!
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The cost was rather cheap. Certainly less than $10 all you can eat.
Even so, I could only eat about 4 slices while my friend ate at least 12. 
I don’t remember all-you-can-eat pizzas, but I do remember Chinese eateries doing that. Fried everything with boiled rice: chicken wings, pancake rolls, samosa type a pastries, etc. Most have gone now, perhaps there’s no money in it.
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Would not know as never used Pizza Hut as can’t stand pizza.
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There are 3 Pizza Hut restaurants not far from me.
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I don’t know why BUT, I hate Pizza. 
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Love pizza, hate crap pizza outlets!
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I used the buffet only recently, and enjoyed it. Update. Still on offer here in the UK according to a Google search.
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While not as many, there are still Pizza Hut dine-in restaurants in the U.S. and many are returning to the buffets. The headquarters and founding restaurant is not far from where my parents lived, so theirs is still thriving and remains as a test location for their various ideas. I sure miss the days of stained-glass lighting and the red-and-white-checkered tablecloths.
I miss tablecloths! 
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This is why I like all-you-can-eat buffets. You can eat just once for the whole day, and you’re set. But of course, it’s only worth it if your stomach is XXXL or something.
So yeah, those 12 slices are the minimum; you have to let them know you’ll bankrupt them