Insulation around a conductor will not impact its ability to carry fault current. Nor would it impact the ability for external magnetic fields to induce a voltage on the conductor. The only reason that makes sense to me is to protect the metal conductor from corrosion. The probability of there being a corrosive environment is slightly higher in a pool or hot tub environment than it would be for, let us say, a normal bathtub. That is because of the chemicals used to keep undesired living organisms from setting up housekeeping in and around the water.
A secondary reason comes to my mind as well. We go through extra trouble with regard to the EGC in a patient care area. We also go though extra trouble for pools. What do these two areas have in common? The likelyhood of a person coming into contact with something electrical. So perhaps it is just worth a little extra trouble.