HawkeyeMS
Ryder Cup Winner
Two reasons:
Firstly so you can be sold specialist wedges at a higher price.
Secondly, as PW lofts have strengthened over the years - the gap to the SW (which loft has never really changed) - gets bigger, so it therefore gives the manufacturers at least one more wedge (GW) and possibly a second (LW) that can be sold.
Is there really such a thing as a SW these days? I just carry two wedges which give me good distance gaps and the versatility to use them from any lie.