Why isn’t it acceptable to say “white lives matter”?

Because that’s obvious. Black Lives Matter arose from the fact that black lives didn’t seem to matter, as in police could kill off people of color with 0 questions or consequences. It became important to call out that black lives matter.

The truth is that obviously ALL lives matter. But to call out that white lives, or “all” lives matter simply diminishes the very important point that black lives also matter.