As a practical experiment, try making the mortise the exact size of the tenon and see if you can push the tenon into the mortise.
Now, add glue.
Without glue, you might get the tenon in place because the wood surfaces are rough enough that there are tiny channels through which the air can escape the mortise. Adding glue, though, provides a sealant to those tiny channels, preventing the air (and excess glue) from escaping. You're now creating pressure in the bottom of the mortise, and, when you let go of the tenon, that trapped air pressure will push the tenon some or all the way back out.
If it pushes the tenon out by just 1/16" and you made your mortises the exact length of your tenon, you may not notice that it popped out a bit, but, when the glue's dry and you're trying to put the other piece on, you'll discover that they don't go all the way in.
You might be able to work that way by gluing both sides at the same time and using a clamp to pull them together, but you may end up with a lot of glue squeeze out and you might starve the joint of glue.
This is the same reason that purchased dowels have flutes on them - gives air & glue a way to escape and not create pressure (or hydraulic lock) inside the hole.