It's not a steric effect. It has to do with how the orbitals overlap in 3-D space. The best way to understand it is with a 3-D model that shows the orbitals, which you can see at this link: http://www.chemtube3d.com/orbitalsallene.htm
The reasoning requires the following logic:
1) The end carbons are sp2 hybridized, and the middle carbon is sp hybridized. In an sp2 hybridized carbon, the p orbital is perpendicular to the hybrid orbitals. An sp hybridized atom has two p orbitals, which are perpendicular to each other.
2) Pi bonds require parallel p orbital overlap.
The two rules above don't make much sense without the 3-D model though. You'll have to play around with it and click all the buttons that say "show p orbitals".