There are coral off of the West coast in the realitively cold water, they just are not as colorful as the warm water coral and not as large. The biodiversity of the cold water, like TSandM stated, is amazing.
I think the middle ground between cold water and warm water diving is the mid Atlantic and southern California coasts. These are the ares where one would most likely dive wet with more than a shorty and less than two layers of 1/4" neoprene.
The two get treated differently because vacation divers that will travel only to a warm water destination will never own a dry suit or wet suit thicker than a 5/4 mil. The extent of training that a vacation diver will aspire to will probably never go past Advanced Open Water so they can do that 90' dive to the special cavern formation.
More enthusiastic divers that don't have the time or cash flow to travel to the Caribean or Hawaii will more than likely be familuar with dry suits, 7" wet suits and all the other heavy gear used in colder water. Cold water divers also tend to spend more time geting more certifications.