Some possibilities:
1a) Just because a particular steel choice may not be optimal, doesn't mean it isn't sufficient.
1b) Catastophic failures are relatively rare, which suggests that on average a lot of blades see fairly light/limited use vs. for example the fantasy that you've got to be ready to cut through an aircraft fuselage every day.
2) Makers may not have a lot of actual metallurgical knowledge and just go along with what others are doing rather than ask what is really optimal.
3) Practical considerations like availability or cost. I.e., 1095 (or whatever) may be cheap and your first choice for a given blade, but that may not matter if you can't get stock in the size/thickness you need.
4) Marketing considerations, what is going to sell best? A boring old knife in 1075 or a blade in 3V with the lastest and greatest HT?
5) Legitimate preferences on the balance of properties. I.e., if a certain steel is "tough enough" with a given hardening and geometry, it may be reasonable to forego additional toughness for better strength or corrosion resistance. Likewise, with modern abrasives, many are willing to trade-off ease of sharpening for increased wear resistance, etc.