The Instrument Flying Handbook (8083-15) states that "The float is balanced with a small dip-compensating weight, so it stays relatively level when operating in the middle latitudes of the northern hemisphere. This dip along with this weight causes two very noticable errors: northerly turning error and acceleration error"
Compensating the residual dip (it's a compromise between magnetic force trying to position the element at actual dip angle and gravity trying to keep it level) is not the priority.
Following that we would need a couple of compassess in cockpit for such routes like New York-Buenos Aires or London-Cape Town, each for a specific range of latitudes. Makes no sense.
And if we put some weight on one side of a compass float then we will have even greater errors from inertia during acceleration/deceleration or turns.
The magnetic element (float) actually hangs below the pivot and although its CG is usually aside - this makes the compass usable all over the world (polar regions excluded).