Modern operating systems can support the execution of a very large number of threads.
More generally, hardware keeps getting faster (and recently, it has been getting faster in a way that is much friendlier to multithreading and multiprocessing than to single-threaded event loops - ie, increased number of cores, rather than increased processing throughput capabilities in a single core). If you can't afford the overhead of a thread today, you can probably afford it tomorrow.
What the cooperative multitasking systems of Twisted (and presumably Node.js et al) offers over pre-emptive multithreading (at least in the form of pthreads) is ease of programming.
Correctly using multithreading involves being much more careful than correctly using a single thread. An event loop is just the means of getting multiple things done without going beyond your single thread.
Considering the proliferation of parallel hardware, it would be ideal for multithreading or multiprocessing to get easier to do (and easier to do correctly). Actors, message passing, maybe even petri nets are some of the solutions people have attempted to solve this problem. They are still very marginal compared to the mainstream multithreading approach (pthreads). Another approach is SEDA, which uses multiple threads to run multiple event loops. This also hasn't caught on.
So, the people using event loops have probably decided that programmer time is worth more than CPU time, and the people using pthreads have probably decided the opposite, and the people exploring actors and such would like to value both kinds of time more highly (clearly insane, which is probably why no one listens to them).