My understanding about the F2 formula is that it was carefully developed to be complately balanced with regard to nutrients. As a result all nutrients are depleted equally as the phyto grows. If it is not balanced then 1 nutrient will "run out" first and the growth will stop leaving a surplus of other nutrients.
In addition, as others have said, plant fertilizers could have all kinds of other stuff (like metals) that would not be desirable in a reef tank.
Allen