Good old engineering compromise I reckon.
Cutting speed is an important parameter. Turning a rod lengthways, it's easy to set a constant speed optimised for material and cutter. However, the lathe needs to cater for slow metals like cast-iron and mild-steel, medium speed free-cutting steels & bronze, and fast cutting metals like Brass and Aluminium. Ideally it should allow carbide to cut about 5 times faster than HSS as well. Having plenty of choice of lengthways cutting speed is a 'good thing', and most machines provide it.
Facing is a different problem because cutting speed changes radically as the tool moves towards the centre. At the outer edge the work whizzes past the cutting point, but cutting speed drops towards zero as the tool moves to the centre point. I guess a lathe's base facing feed rate is chosen to suit the maximum outer diameter it can face. After that, not much point in fretting because the cutting speed inevitably drops at the cutter moves in. Good enough results with a simple gear box. Same gear box deals with parting off, which calls for steady rigidity rather than perfect speed control.
Maybe someone could build a motorised lathe designed to face closer to constant cutting speed by accelerating the tool-post as it moves to the centre. I can think of lots of problems with the idea! As my lathe faces well with ordinary methods, gut feel suggests fine tuning facing speeds is more trouble than it's worth. Good enough is good enough. No facing disasters on my long list of miserable workshop failures!
A less satisfactory compromise on many Chinese machines is minimum rpm. Often screw-cutting under power on these machines is much too fast for comfort! Electronic speed control is great for most purposes, but my dear old mini-lathe definitely needed back-gear. My WM280 with 3-phase motor and VFD is much better managing well enough at 30 rpm, but it's far happier cutting threads in reverse away from the headstock 2 to 5 times faster. Although a WM-280 is 'good enough', having back-gear as well would help on the few occasion's I need lots of turning power at slow speeds. But back-gear is a costly addition and an obvious economy when it's only rarely needed.
Dave