You will never have a non-HP tank with a 7/8" thread per the DOT.
You will never have an HP tank with a 3/4 thread per the DOT.
Reducing the pressure by just a few PSI was a tremendous idea by the tank manufacturers and I think PST gets the credit for first figuring that out. Having non-HP valves on a tank gives us options for using a yoke regulator that we can't have on an HP tank. This all goes back to the development of the "Sport Din" by Scuba Pro.
As for the disparity of the size of the opening to it's sizing, it's because its a pipe thread. When pipes were first designed, the OD meant nothing. However, the ID of the pipe determined how much water could pass. Consequently, pipe fittings are sized by the mean ID of the pipe and not by the OD of the pipe, which is how bolts are sized.
The first tanks used tapered threads which were sealed with the use of a little "pipe dope". The current batch of tanks use a straight pipe thread and seal with an O-Ring. This resolved a TON of issues as the tapered threads were slightly enlarged every time the valve was installed.