Because they are generally served cut into thin slices, and are traditionally served cold. In other words:

"Cold cuts is a U.S. term that refers to cheeses or precooked or cured meat, often sausages or meat loaves, that are sliced and usually served cold on sandwiches or on party trays."

P.S. "Cold cuts are also known as lunch meats, luncheon meats, sandwich meats, cooked meats, sliced meats, cold meats and deli meats."
Source(s):
http://en.wikipedia.org/wiki/Cold_cut


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