See the link on my first edit. Even in the Moon’s low gravity, a fall over 12m is potentially fatal. It would be foolish to live such that astronauts take this extra risk every day.
You also have to get all your stuff down there in one piece. Sure, more ropes, but tons of equipment, huge sections of living quarters and airlock, construction vehicles, etc. then every supply run needs to get tons of supplies all the way down there. You could do it, but it seems like giving yourself a lot of unnecessary work, taking up way too much time. And of course any sort of cave-in makes any survivors completely unreachable