A few things come to mind, but I am not sure they are the real answers.
1) advantage to dog and handler - may or may not be true. Adds flotation to a dog thus making perserverence different for dogs with and without vest. You may gain an advantage of being better able to see your dog with a vest. Takes some of the cold out of the picture and again changes the test for a dog with vs one w/o.
2) Safety - vest can and do get hung on things. Of course the other argument could be that in cold weather it is safer, but then again most HT do not take place in cold weather.
3) Makes a different test for dogs wearing one vs those who do not and you judge against one standard.
I am not saying it is right or wrong, just some reasons I can think of that they are not allowed. Of course down here don't use them anyway