There is a real simple reason for that. The standard printing press these days runs at 8.5 X 10.7/8 and this is what is normally used to produce an 8.5 X 11 sized book.
If you run at a full 8.5 X 11 you are on a "big" press and this actually costs more. It is only pennies per book but it adds up when you print thousands.
So, that is why.