I think it's not an oversight, I think it's on purpose. The reason is that you would otherwise hear the Assassins cloak to easily. It's basically to make sure everybody has the same chance to hear the hum of the cloak. And while I'm a big fan of the music I would like to turn the volume down a little bit myself. I usually set the volume of the music in every game to 75-80% and keep voices and environment at 100%. But that would be kind of imba for the Assassin players.
I'd rather just do the not stupid thing and separate the Master Volume from the VoIP volume. "Guys there's a sniper on thWE GOT THE ANNIHILATOR READY! OOH, THAT SHOULD MAKE THINGS INTERESTING! I saidOOH A HOTSHOTS MEMBER TIPS THEIR HAND AND CASHES IN THEIR CHIPS, THANKS TO A BLACKJACK!". Seriously?!
It'd be really nice to have not only for comms, but so I can listen to my own music too. The same in-game music gets pretty boring eventually. Even with the option, everyone still has the option to hear it the same way, it just becomes a choice whether you want to or not.