I would think costs, a better heater has to be a tad more expensive, higher clock could slightly impact yields. MSFT did not want to lose money on hardware, even at launch, so pretty I think there were under high pressure to cut costs as much as they could.
Say MSFT launch a@400$ but as Sony loses 60$ on every units, I guess they could have afford, the slightly lower yields and so pushing the clock significantly higher (like 1.8GHz/950MHz that looks reasonable looking at PC parts), better cooling solution and so on.
May be they were a bit too concerned with reliability too, I guess we will never know