Here is a geometric reason for the definition of orientation.
The set of all invertible $n \times n$ matrices forms a group denoted $GL(n,\mathbb R)$, and it is identified with the set of all invertible linear transformations $T : \mathbb R^n \to \mathbb R^n$.
This group decomposes into two subsets, which I'll denote
$$GL(n,\mathbb R) = {GL}_+(n,\mathbb R) \cup {GL}_-(n,\mathbb R)
$$
where the subscript represents the sign of the determinant.
Here are some key algebraic facts (easily derived from the theorem that the determinant of a product equals the product of the determinants):
- The product of any two matrices of positive determinant is another matrix of positive determinant. In other words, ${GL}_+(n,\mathbb R)$ is a subgroup of $GL(n,\mathbb R)$.
- The product of any two matrices of negative determinant is a matrix of positive determinant.
- The product of a matrix of positive determinant with a matrix of negative determinant (in either order) is a matrix of negative determinant.
These three algebraic facts can be summarized in a single statement: there is a group homomorphism $\sigma : GL(n,\mathbb R) \to \{-1,+1\}$ which assigns $+1$ to a matrix of positive determinant and $-1$ to a matrix of negative determinant.
Here are two key geometric facts:
- Theorem: Any two matrices in ${GL}_+(n,\mathbb R)$ can be connected by a continuous path of matrices in ${GL}+(n,\mathbb R)$.
- Corollary: Also, any two matrices in ${GL}_-(n,\mathbb R)$ can be connected by a continuous path of matrices in ${GL}_-(n,\mathbb R)$.
You asked:
Why is it not possible that in 3-D, I can swap i and j, then swap j and k, and I get a “third orientation”?
Because if you swap $i$ and $j$ using the following reflection matrix (which has negative determinant)
$$R_1 = \pmatrix{0&1&0\\1&0&0\\0&0&1}$$
and after that if you then swap $j$ and $k$ using the following reflection matrix (which also has negative determinant)
$$R_2 = \pmatrix{1&0&0\\0&0&1\\0&1&0}
$$
and then you formulate the product matrix
$$R_2 R_1 = \pmatrix{0&1&0\\0&0&1\\1&0&0}
$$
then $R_2 R_1$ has positive determinant, as you can check algebraically. Therefore, once you have convinced yourself of the algebraic and geometric facts listed earlier, you will be confident that $R_2 R_1$ does not represent a "new orientation" because it is connected by a continuous path of matrices with every other positive determinant matrix, i.e. with every rotation matrix and with the identity itself.
In fact, and you can verify this by calculation, $R_2 R_1$ is itself a rotation matrix: it is a rotation by $2\pi/3$ around the axis which is parameterized by $t \mapsto (t,t,t)$. If you fix this axis, and then vary the angle of rotation continuously, starting from the angle $2\pi/3$, and varying it down to the angle $0$, you will have produced a continuous path which connects the matrix $R_2 R_1$ with the identity matrix.
To summarize, the reason there is not a "third orientation" is because orientation is defined so as to summarize, and to be consistent with, the key algebraic and geometric facts that are listed above. In other words: invertible $n \times n$ matrices are naturally subdivided into two classes, and we choose to describe those two classes using the terminology of "orientations".
One last word: If you've not seen that theorem before, digging into its proof would be an excellent way to understand the geometric reasons why orientation is defined the way that it is.