The short version: The majority of the land within Reedy Creek is either swamp/wetland or forest. The wetlands have been classified into Class 1 and Class 2. There is a large swath of conservation land that extends about 500 feet along both sides of the actual Reedy Creek, plus some other areas that are deemed environmentally sensitive. That conservation land is the Wildlife Management/Conservation Area, and it pretty much goes up the center of the property, heading northwest at the north end of the property. The WMCA is currently completely off-limits to development via agreements between RCID and the state, U.S. Fish & Game and the SFWMD. It's automatically Class 1 wetlands. There are other spaces within the RCID that are also Class 1 wetlands, due to various other reasons: Essential habitat lands for endangered species, conservation easements called out by RCID outside the WMCA. Any Class 1 conservation area, with the exception of a few spots with long term permits, are 99% no go for any development. There's also Class 2 wetlands. Class 2 are buildable, with mitigation. DHS was built on partially buildable land, partially Class 2 wetlands, which is why Catastrophe Cyn wasn't a problem. There is a large swath of Class 1 that they would have to get RCID dispensation to build through surrounding the parking lot if the entry was to connect to Victory. I don't know the specific reason that plot is Class 1. Might be a nesting area, might be a lowland area, or may be an offshoot of the creek flowing through there, or some other reason. My thought is it's an easement.
The MK was built as part of the initial agreements for the property, so all that earth-moving was all done based on the initial planning of the parks while setting up the property. But when it comes down to it, if Disney wants to build somewhere, RCID/Disney will make it happen, it's just expensive, both in funds and land management.