If you are flying a disabled aircraft around the pattern, screw it up and don't make it...people die...if you do an RTO in a disabled aircraft...screw it up, you're still on the ground, plowing through the grass.
The question is though, where do YOU decide if to abort or fly it around the pattern? Because at some point you have to decide it, one way or another.
And exactly to give us a formalised tool for that decision process we have a V1, a decision speed at which we have to have allready startet with the stopping process or take it into the air (except if the plane is unflyable, but in that case there is nothing to decide).
Simply put, in a balanced field calculation if you abort your take off 2 seconds after V1 with all engines at full reverse thrust you will depart the runway at 70 kts and come to rest around 600 ft past the end. Not all that bad if there is enough space. Now think of having only one engine and not using reverse on the other as assumed for certification, well you will run over at aroun 90kts and come to rest around 1000ft behind the end. If you decide to abort only one second later it will be around 1100 ft with all engine reverse thrust and around 1800ft for the certification case. You still have enough space to do that? Not to mention that the brakes will overheat considerably and the tires explode shortly after you came to rest puncturing the fuel tanks and making even more of a mess out of it (all values 733).
The alternative is to take it around on a pattern, do the immediate return checklist and plonk it down with a much lower speed at the beginning of the runway.