"Would it help things any if we were required to use armored cable for overhead services?"
It might but think of the size pole and attachments needed to support all that weight
We use a variation of armoured cable here in New Zealand, for overhead service cables to peoples houses.
It's called Neutral Screened cable.
Essentially what this is, is one or two insulated copper conductors, with a screening (multiple copper wires) surrounding the conductors, over this is laid a thick PVC sheathing.
We even bury it underground here without conduit.
The best thing about the screening (which is always at ground potential), is that if the cable is struck by anything, the first conductor to be hit will be the Neutral, if the inner cores are also damaged, the neutral will cause fault current to flow and the circuit protection to operate.