In a 3 mm wet suit the lead needed to sink and the buoyancy swing due compression are both much less than with a 2-piece 7 mm wet suit. A 2-piece 7mm is already constricting and at depth the extra lead needed to sink all that rubber necessitates more air in the bladder, so I guess there is a double squeeze.
Due to the really nice weather in warm water locations the residents may spend more time active compared to the colder outside cubicle world, so the typical warm water resident diver may have less personal insulation as well, so again less lead, less vest squeeze.
In a dry suit you keep a layer of air around the body so a vest would be a second air layer around the body, and from what I hear there are still extra weighting needs compared to the warm water diver.
That being said, I know more than a couple experienced but well insulated divers wearing 7 mm full wet suits who dive vest BC's.
Then there is availability/price. Every Island I have lived on there are rental operators selling their 1-3 year old rental gear for 50% of msrp or lower. We would have to pay full price for BI, or BP/W, and the vests do the job just fine, so why spend extra money for limited to non existent benefits?