Conceptual work on terraforming has been done. Not much has been made of it though, because it's not like humanity is at the stage where it can take advantage of a terraformed mars to justify the cost, or united to the point of being able to embark on such a venture, or plans far enough into the future to want to finance it.
Thing is, no one's really spending that much time on looking for planets either. The comparison is kind of like searching for word documents on windows, versus writing a whole new essay. Although writing a new essay is more meaningful in the long run (prior to commercial interstellar travel), it's a lot more effort to get anything done.