During the time the fault is being cleared (waiting for the breaker to trip) you will have a voltage divider effect. If the two wire resistances are comparable, the voltage will be no more than half the line voltage.
If the EGC is small relative to the hot, the voltage on exposed metal will be closer to line voltage.
But perhaps more significant, if the run is long enough that VD is a concern with wire which can just handle the required amps, then the bolted fault current will be a lot lower, delaying the breaker trip.
Take the extreme case of the VD with minimum wire size being 25%. That means that fault current would be roughly 4 times the normal load current. Not enough to cause an instant trip of the breaker?
Now resize the circuit wires for a 2% VD. The line to neutral fault current will now be 50x normal current.
If you do not also resize the EGC, then line to ground fault current will be only about 8x normal current.
So to maintain fast trip on a fault (and remember that exposed metal is at a dangerous voltage the whole time) you have to increase the EGC size too.
In a really extreme case of VD (1000 foot run perhaps) you might even find that a line to ground fault would not even trip the breaker at all. Just as you would see if you had only a local earth connection without a fault clearing path.
PS: If for some reason a reduced size EGC was originally permitted, then the proportional increase would still leave you with a reduced EGC after adjustment, but larger than the original.
Tapatalk!