I thought the same, but they're actually below geostationary orbit. They have 12 hour orbits. Also, they don't orbit the equator, which is required for a geostationary orbit. See my comment above with more details.
I think this article, that most here have probably read or heard about considering how popular it was on HN, explains why quite well! It is a very long article though (which is awesome, imo!). The whole thing is an incredible primer on GPS .