I'm genuinely interested in the theological reasons. I'm just a half-assed Catholic, and my beliefs are probably not in line with the church. However, when I look up into the night sky, my thought is, "God is a pretty smart guy. Why would he waste billions of planets?"
I'm abbreviating 2000 years of church thought and shoving it into a conversation that the Bible doesn't even really address, but it goes something like this:
First of all there's the argument from silence, that since it remains unaddressed, then it probably doesn't exist, because it is Kind of a Big Deal, however, the holy writings are silent on all sorts of things we might wish commentary on.
When it comes to intelligent life in particular, humans are considered to be the pinnacle of creation, the only being endowed with a soul. Envisioning other intelligent beings leads to the problem of fitting them into what is admittedly, *traditionally*, a rather absolute arrangement between human souls and God.
That said, i think the *biggest* theological issues are going to be raised by the many evangelicals who subscribe to the so called Young Earth theory of creation, ie, everything is really just a few thousand years old, created to look older. That mindset, if it is not prescribed specifically, holds to the unbounded specialness of the Earth and Humans in the cosmic scheme.
Other traditions, such as the Catholics, subscribe to a more gradualist view of God where he is more active thru natural laws over eons of time (such as in evolution) and thus might not have as big a problem with the notion.