So why have two vesions of the race?
Because DMs work with races differently than players do. 4e dropped the idea that the NPCs and PCs work by the same rules. NPCs don't need to be designed to start at first level, and to advance along with other PCs and not be over and underpowered with respect to them.
Gimped versions of races specifically designed for PC use just suck. If I want to play a minotaur then I want to play an actual minotaur.
Well, hold on a second. Take a look at the monster description of the minotaurs in the MM. There are three different critters there - a soldier, a controller, and a brute. None of them have PC class levels. None of them are listed as having the ability to use oversized weapons in their writeup.
So, already there are several "actual" minotaurs out there. Are the monsters listed without that ability somehow not "actual" minotaurs? They're fake, pseudo-minotaurs, or something?