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because he isn't playing golf and is basically a punch line for jokes right now. once he starts winning again he'll get new endorsements.
"My country is the world, and my religion is to do good." --Thomas Paine
They're not worried about his character, they're worried about the public's perception of it. Think about it, his "character" was a long-flawed thing. His "character" didn't turn to shit in November. A sponsor isn't going to shit can him because he fucks around on his wife. A sponsor will shit can him if the fact that he fucks around on his wife gets out.
Again, their decision to drop him is, completely, an economic decision...
A big road cookie!