Primarily because of their use as scenthounds, able to follow scents for hours or even days. This may or may not mean following the scent of actual blood trails, although that was apparently the meaning intended when the term was first used by Caius in 1576.
‘Bloodhound’ is a compound word, made up of two nouns ‘blood’ and ‘hound’. With this kind of word the semantic (meaning) relationship between the two parts is not obvious; we are expected to know it from our experience. ‘Bloodhound’ means ‘hound associated (in some way) with blood’, but what ‘blood’ could mean to the speaker of Middle English demands historical investigation."
"The earliest person actually to consider how the word was derived is Caius (1576). To him, Bloodhounds derive the name from their ability to follow blood-trails. In the absence of any earlier discussion, or any contradictory evidence, there is no reason to doubt Caius."
https://www.yumpu.com/en/document/read/11533992/aspects-of-bloodhound-history-bloodhoundsorguk
"A bloodhound (also known as the St. Hubert hound) is a large breed of dog bred for the specific purpose of tracking human beings. Consequently, it is often used by authorities to track escaped prisoners or missing persons. It is a scenthound, famed for its ability to follow a scent hours or even days old, over long distances."
https://en.wikipedia.org/wiki/Bloodhound
http://www.dogbreedinfo.com/bloodhound.htm