I suspect it has something to do with reusing the thermostat assembly on different models that require different calibrations. BK probably has a process in the factory where they heat up the thermostat assembly to a specific high temperature, and tune it's position to a specific %open that is different for each model.
If I had to guess it's tuned to a high temp position, where the stat is set to the highest position, and must close off to a certain minimum above a certain temperature (prevent overfire). The low position (cold closed) would end up where ever it is, based on the result of the high temp calibration.
The important thing is that you can set the intake to fully closed (minus the min FA hole). It seems like some people are tempted to modify non-BK stoves to further restrict intake air. On BK stoves this isn't necessary since the factory low is so low already, (even if it occurs higher than the min stat position). This is a confusing thing the manual doesn't handle well. The manual shows setting the stove to min on the stat, that would result in the air intake never opening at all even with a dying fire, and would leave a lot of un-burnt fuel.
@BKVP A BK factory tour/video would be interesting, the whole thermostat thing can't be much of a secret after all these years. But you wonder why no-one else seems to make a similar product. There must be something to the firebox design to that allows for precise control from the thermostat, maybe most other fireboxes hold too much heat causing fuel to be consumed quickly. Seems like a tricky balancing act to keep the firebox cool enough to go 24+hrs, but insulated enough that it doesn't extinguish at low burn rates.