The question isn't so much "Why didn't the Centauri conquer Earth?" as, "Why would they have WANTED to?"
We're kind of off the beaten track, and there's little logistical or tactical value to a base here; up until the last couple hundred years, we didn't have a technological base they could exploit, and when we finally did get one, the Republic was already beginning to shrink and lose its tendency toward expansionism. Basically, we fell between the cracks, and for something as substantial as acts of conquer, there have to be solid goals, either real or imagined.
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