...because the weld (molten metal) is only being used to mirror another surface. Look at the pictures posted above. Where the welds have come away, they have left a fairly decent impression of the surface they were supposed to fuse to.
Why weld when you can cast, have a wider choice of alloys and maybe mould release agents? OK, casting steel requires high temperatures and the mould has to take them, which you avoid with this process. But this sort of welding requires skill even though the result is rubbish and having a lot of this weld over lettering could easily result in a big weak weld, strong enough to damage whatever was being moulded as the weld was removed and there could be welding defects (bits where there was a genuine weld). Doing this sort of weld in a straight line is one thing, especially when making a good weld would be an unexpected bonus. Following lettering where you don't want a proper weld, quite another.
How about metal spraying for what you are proposing? I've no experience of it myself, I'm just vaguely aware of the process. I have an idea the gear is expensive.