Because otherwise they would be submarines 🙂
Seriously it’s because the upward pressure from the water under neath is greater than the downward pressure of the weight of the boat.
The underside of the boat is pushing down over a great area, the water is pushing up, as long as the weight of the boat doesn’t exceed the pressure pushing it up it will stay afloat, filling with water is one way of this happening, therefore the boat sinks.
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