Well, first of all, it is a rule for a number of agencies.You cannot teach a class or be a student in a class with double steel tanks without redundant buoyancy, either a dry suit or a dual bladder wing.Doesn't matter whether you dive doubles, single tank or sidemount. It's not a rule, it's physics.
But let's talk physics for the single tanks. For reference, check out this specification chart: Scuba Cylinder Specification Chart from Huron Scuba, Ann Arbor Michigan
A Luxfer AL 80 when completely empty is 4.4 pounds positively buoyant. In the steel tank section, you will see whole lot of tanks that are in the 0 to -3 pound range when completely empty. If you contact a physicist, he or she will explain to you that the difference in buoyancy between the aluminum and steel tanks ranges from roughly 5-7 pounds. Wet suit buoyancy varies by quite a bit, ranging from a 3mm suit to a 7mm two piece suit. Therefore, quite a few divers wearing wet suits with steel tanks are still going to have to wear weights in order to submerge.