It's hard to know why, but if  you look at the differences from :
What's the difference between TRUNCATE and DELETE in SQL
+----------------------------------------+----------------------------------------------+
|                Truncate                |                    Delete                    |
+----------------------------------------+----------------------------------------------+
| We can't Rollback after performing     | We can Rollback after delete.                |
| Truncate. (new versions allow)         |                                              |                                              |
| Example:                               | Example:                                     |
| BEGIN TRAN                             | BEGIN TRAN                                   |
| TRUNCATE TABLE tranTest                | DELETE FROM tranTest                         |
| SELECT * FROM tranTest                 | SELECT * FROM tranTest                       |
| ROLLBACK                               | ROLLBACK                                     |
| SELECT * FROM tranTest                 | SELECT * FROM tranTest                       |
+----------------------------------------+----------------------------------------------+
| Truncate reset identity of table.      | Delete does not reset identity of table.     |
+----------------------------------------+----------------------------------------------+
| It locks the entire table.             | It locks the table row.                      |
+----------------------------------------+----------------------------------------------+
| Its DDL(Data Definition Language)      | Its DML(Data Manipulation Language)          |
| command.                               | command.                                     |
+----------------------------------------+----------------------------------------------+
| We can't use WHERE clause with it.     | We can use WHERE to filter data to delete.   |
+----------------------------------------+----------------------------------------------+
| Trigger is not fired while truncate.   | Trigger is fired.                            |
+----------------------------------------+----------------------------------------------+
| Syntax :                               | Syntax :                                     |
| 1) TRUNCATE TABLE table_name           | 1) DELETE FROM table_name                    |
|                                        | 2) DELETE FROM table_name WHERE              |
|                                        |    example_column_id IN (1,2,3)              |
+----------------------------------------+----------------------------------------------+
As Truncate operates differently, it needs to have a different requirements for its permission. The fact the triggers are not fired would be a big one for me if I was on the 'why' committee and the fact that it cannot be roll backed would also be a big one. 
Remember, when the permissions were defined it would have been on very early SQL versions and changing what permissions is needed for an action might be seen as a breaking change.