US regulations do require it or at one time they did. It was a DOT regulation that you needed to have a physical disconnect to the ignition, like the old kill switches. For whatever reason Triumph used that switch because they either didn't try and convince DOT their system was good enough or for some reason their system didn't satisfy the regulators.
I don't ever switch it off because it is like turning the bike off and then hitting the kill switch as well. I don't see it as any kind of theft device because if someone is smart enough to bypass the key, they are smart enough to switch it on. I don't know if it is still the case but there was an issue after a while those switches would wear out and that is why they had the service bulletin to stop using them. Keep in mind when they have a manual for a new bike, there is a ton of cut and paste from an old bike and people don't proof read those very well.