Help me understand the tradeoff involved...because frankly I don't get it.
If you bump the isolator you could potentially break it. More precisely unless you beat the living hell out of it you run the risk of "only" breaking the knob and rendering the isolator valve unable to be closed. (And if you then need to use the isolator valve you've by definition had a multiple failure and that is beyond the scope of most redundancy planning.)
The risk of breaking a rubber knob is a lot less than a plastic one and unless you are using a metal knob, bending or breaking the stem on the isolator is very unlikely.
On the other hand, even though you have a barrel type assembly with two o-rings per side, they were never intended to be dynamic o-rings. They are also only marginally what I would consder to be "fully captured" as by definition the male and female parts of the connection have to have some play between them to turn at all and in particular to turn when less than perfectly aligned - as occurs during assembly.
So in effect, you are placing a great deal of faith already in the o-rings even in a static condition and obviously they are in redundant pairs for good reason. And for equally good reason, the crossbar comes with lock nuts to ensure that the o-rings and cross bar do not experience wear due to dynamic movement under pressure.
In light of the mechanical realities of the design, why would anyone choose to leave the isolator cross bar lock nuts loose (or off) and in turn ensure the isolator will move back and forth slightly increasing wear on the o-rings as well as increasing wear on the cross bar and mating surfaces on each post? It strikes me as a case of the long term effects of the vacination of the disease being far worse than what is at worst a very rare and often non fatal disease that you can only catch by being stupid in the first place (ie: you have to have a broken isolator and a tank burst disc or a reg failure at the same time as the broken isolator for it to be a problem on a dive and to accomplish that you have to hit something incredibly hard).