Its the detection part. Not sure we have a good idea about what it'd really take to be able to detect radio signals at this distance. When we try to run fourier analysis on radio signals from an interstellar body, at this distance and considering how power drops at a rate of 1/d^2, are the detectors we are trying to use really big enough to detect the frequencies? Or do you get mega aliasing to the point where you don't really see anything? Put another way, the photon density of a wave front decreases the further it gets from its source. When we're light years away from a low-powered artificial source, the photon density we can see is going to be pretty damn small by the time it reaches us. I'd think you'd need an enormous radio telescope (maybe magnitudes bigger than something like Arecibo etc.) to be able to receive enough photons per second from the alien radio source to be able to properly perform the fourier analysis. I'm not saying we couldn't detect signals from some closer systems now, just saying there is some distance at which we could no longer recover signals given the size of the current dishes we are using to search.
I've never spent much time looking at the details of this, but just a minute of googling brought up at least one researcher that apparently has and thinks alien signals could only reach a small portion of the galaxy:
We still haven’t heard from aliens - here’s why we might never