This has a very simple answer that also works the other way around (see my answer to Why during annihilation of an electron and positron 2 gamma rays are produced instead of 1?). The idea is that this process cannot satisfy both momentum and energy conservation simultaneously. Let's prove it.
Let us consider that the one photon in question is moving in the $z$ direction with energy $\hbar\omega$ and momentum $\hbar\omega/c$. That is, the $4$-vector describing the photon is $k=(\hbar\omega,0,0,\hbar\omega)$ in this frame (let's assume $c=1$). Now, the electron-positron system has $4$-vectors $p_1$ and $p_2$ describing their movement. Momentum energy conservation implies
$$k=p_1+p_2$$
If we square this equation (that is, take the inner product under the Lorenz signature), we have, noting $k^2=0$, $p_1^2=m^2$, and $p_2^2=m^2$, that
$$m^2+p_1\cdot p_2=0$$
Now, this equation is entirely frame independent. Thus, if we pick a frame in which the total momentum is zero, we have that $p_1=(m\gamma,m\beta\gamma\cos{\theta},0,m\beta\gamma\sin{\theta})$ and $p_2=(m\gamma,-m\beta\gamma\cos{\theta},0,-m\beta\gamma\sin{\theta})$ (where $\gamma$ is the Lorenz factor $1/\sqrt{1-\beta^2}$ and $\beta$ is the velocity in natural units). This gives
$$p_1\cdot p_2=m^2\gamma^2\left(1-\beta^2\right)=m^2$$
That is, the kinematic equation requires $2m^2=0$, which is not possible for an electron.
This is a lot of math to give not much intuition. The real intuition lies in the fact that there cannot exist a frame in which the photon has zero momentum, but there does exist a frame in which the electron-positron system has zero momentum. This is incompatible with relativity, and so this process is not kinematically possible.
This applies for the reverse process (where this argument becomes slightly more inherent). Like I said above, it may be helpful to check out my answer to a related question.
I hope this helped!