Meng_Tze:
People assume that weight is in a bulk park figure. Different people have different weighting requirements. But it seems that the focus predominantly is on 'overweighted' people. Having not enough weight is equally (and arguably even more-) dangerous.
I see your point, and I agree that being underweighted can be quite dangerous, especially in situations where there is any kind of deco obligation incurred. However, I think, in the context of this thread that it's the the overweighted diver that causes alarms in the diver experience department. I'll tell you why; Typically it's been my experience that instructors that either don't care or don't know weight their students so that they will sink, even with lungs completely filled with air. In water buoyancy control is handled with a combination of a negative coarse adjustment to the BCD, an upward attitude and finning and sculling. This is the most natural response to sinking, and requires zero instruction. A horizontal, streamlined attitude, as I'm sure you are aware is not natural, and can even be uncomfortable. Buoyancy control through breath control requires some time and effort by both the student and the instructor, and in my opinion is both the most important and sorely neglected skill in diver instruction. Anyway, either to avoid extra work and time, or because the instructor themselves don't understand how this works, the diver is weighted to be negative in any percentage of lung inflation at the surface. This problem is aggravated at depth with the compression of the wetsuit, and even more air has to be added to the BCD. So now you have a new diver trying to get the feel for neutral buoyancy swimming around with a giant air bubble in their BCD. Because there is so much air, the expansion and compression of the bubble has a much greater effect on the diver's buoyancy and out of control ascents are very common.
In contrast, being underweighted generally prevents the diver from leaving the surface in the first place. I understand that the air in the diver's tank has weight, and that it's conceivable that they would be able to descend at the beginning of the dive, however, for a single 80 foot tank, you're looking at about a five pound swing between full and empty, so no matter what, if they descend they're less than 5lbs underweighted. Furthermore, in this scenario, they would have no air in their BCD, and the extra weight of the air is lost gradually, and so they gradually drift upwards to the surface.
One could argue that the diver could swim down and maintain depth with propulsion, and though certainly this is somewhat risky, the fact of the matter is that most divers will not do this, or get tired of doing it very quickly, or burn through their tank quickly. In any event it certainly limits the time spent at depth.