Because cabling can fail in other ways. A short could be caused by mechanical damage to the cable anywhere along its length. It would be nice to have a host that doesn't burn up in those scenarios seeing as they are already required to protect the bus.
If it is at the power supply end, all bets are off. If your USB charger fails short prepare for mains voltage to absolutely fry anything and everything connected to it and a negative voltage is the least of your worries. In the cable, a miswiring is seriously negligent and I see no reason why it should be designed around.
It's not abnormal to add protection that isn't needed when everything works properly. As noted elsewhere, the USB spec already requires resettable overcurrent protection, for example.
The 3-4 cents is for specifically, reverse polarity protection when somehow, a -5V differential is applied to device power inputs.
This cheaper solution only narrowly addresses this particular power fault, and no others.
Do I assume correctly that a fuse for overcurrent protection wont act quickly enough to save the hardware in the event of reverse polarity?
You'd have to open the circuit in the face of 5V of potential hooked up backwards, not really a tall order.