It seems like they could have. Would they not then have controlled basically the entire Pacific? It seems weird they just attacked, and then retreated.
Logistics. Japan lacked the transports to carry a sufficient invasion force, then keep it supplied once ashore.
Remember that Pearl Harbor was not the only attack on Dec. 7/8. Japan was attacking the Philippines, Malaya, the Dutch East Indies, Wake Island and countless other small locations simultaneously. Invading Hawaii would have required the elimination of efforts elsewhere.
Throughout the war, Japan was perpetually short of freighter hulls and especially short of tanker hulls. This enabled the American submarine campaign to have devastating effect after initial false starts.