They left an un-machined area or chunk off of one end to use in the chuck that became waste. The stepped version doesn't create any waste.
The manufacturers of these seals do a fantastic job of machining on them. I am always impressed at the fit they get when it's all together.
The only debate I have had regarding the stepped version is that it creates more crank volume in one cylinder than the other. Some claim that itty, bitty little bit makes a difference while others deny that has any effect on the performance of the engine.
I have not seen any difference in performance between stepped and non-stepped center seals personally.
The only thing that doesn't seem to make sense is why don't they try to bring the tolerances around the center and the crank itself a bit closer. It seems they could make them a little smaller in the I.D. but alot of folks say the fluid lock still takes place just as well. In 74, cat made a one-piece disk permanent and it has a much tighter clearance between the I.D. and the crank itself. Which way is better? Just speculating...