Likewise you see that with steel too. It doesn't make a very good bow material for two reasons, it's heavy and repeated bending ultimately leads to the weakening of the metal and it breaks.
The raw numbers disagree with that statement: spring steel has a relative stiffness (MoE divided by density) equal to that of bamboo (guadua, moso, ...), and will allow a tension strain of 1.5%, more than any wood.
This means that a bow made of spring steel with a mass of 400 g, and designed according to the mass principle, will cast an arrow at the same speed as a bamboo bow, all else being equal. It would just be ten times narrower, which would make it hard to shoot (but there are ways around this issue).
As for the repeated bending leading to breaks:
that's all about the "cycle rate to failure" (or mean cycles between failure), which has to do with design. Say a rope has a guaranteed breaking strength of 10 KN (it can statically bear a load of 1019 kg), that means it can at least sustain this load once.
When loaded statically with a lower mass, say 900 kg, its expected failure rate may only be after 100 loadings, at 800 kg maybe hundreds of times, and at 700 kg its failure rate may reach infinity. (the failure rate distribution is typically exponential)
That's the reason we need to shoot in a bow: if we can shoot it 500 times without breaking, chances are high the bow was built with a reasonable enough safety margin. We see this often in flight shooting, with strings made so thin that they break after a single shot.
So if your bow breaks (down) after some shooting, it just wasn't well made, or at least not made to last. It doesn't matter if it was made of spring steel or of osage...
A bow intended for 50# 28" may shoot thousands of arrows, but drawn once to 60# 31" it may have become junk (if not broken). So the cycle rate to failure may be 1 for 60#, and "infinity" for 50#...