John,
Sore subject. My list of deficiencies in the NEC is a long one. I've forwarded many of them to the committees, but most often get the reply that "The committee agrees in principal with your analysis". That means that the official NFPA interpretation agrees but they won't change the code language.
We would certainly benefit from a covering on a GEC in a metallic enclosure. It's such a minor item, I doubt they would consider the change, and you're likely to get the reply that it's been that way a long time with no PROVEN detrimental effect.
That's the language they used to send back on the ranges and dryers when it was legal (since the beginning of WW2) to ground the frame with the neutral. It took a LOT of PROOF of death and injury for the code committee to make the change.
The code, to say the least, is far from perfect. I cannot imagine the document that would be perfect in a California suburb being the same perfect document in New York or Washington D.C.
That said, now that you're thinking about the inductive problems with the ground, consider it in a conduit full of branch circuits.
When I came in the trade, EMT was a new and unacceptable wiring method, and PVC was some guys nightmare, IOW we would NOT have accepted it. Even ductbanks were either Rigid or transite-fiber (called Core duct).
After studying the inductive effect for some years (hot pipes, phantom circuits, wasted energy) I've come full circle. I dream of a day when we invent a low smoke PVC that's stiff enough to look good without the characteristic "drip".
If you think about it, most of our 'stuff' is really NOT subject to damage, so we could eliminate a lot of wasted energy, no one would ever be harmed again from a bad conductor inside the pipe, no sparks to start fires. Oh well, that's just me thinking, it AIN'T gonna happen.
Hey, eventually, MAYBE China will sell us back some of the steel.