I think the reality is that it's a matter of simplicity. If you are going to use bat type insulation (the pink cotton-candy-stuff) then you need to build a hollow space for it to be. To do that you need to build a stud wall like in a home. There needs to be something on top and bottom for studs to attach to and then attach sheet material (plywood, aluminum, etc.) to the studs for interior & exterior walls.
Basically, that's just a whole lot more complicated than building a sandwich of plywood, foam, and plywood. The rigidity of the foam makes it easier to use thinner interior plywood (like 1/4" or so) because you have full support behind it. There's much less chance of sticking an elbow or foot through it while you are entering, exiting, or sleeping.
You also want to compare R-values. The pink stuff is designed to be 3-1/2" thick in a 2x4 wall. It works mostly by trapping air from moving around. That trapped air is your insulation. If you want a thinner wall than 3-1/2", you can compress the fiberglass into it, but you are then trapping less air. Less trapped air means less R-value. That means less insulating.
The rigid foam boards have all the air bubbles "pre-trapped" for you in the foam structure.
Now, mind you, I don't claim to be an expert. I've built exactly one teardrop (which isn't even done). But I can tell you that our teardrop, using just 1" foam (max -- in some places 3/4") in the floor, walls, and ceiling, is plenty warm. Last weekend we slept at a campout here in Wisconsin where the night-time temp got down to 40 degrees or so. About 3am or so I had to push the sleeping bag down because I was hot. So the foam works.
If you're interested in seeing how I used the foam, check out my build log here:
http://webpages.charter.net/outtahand/littletow/index.htm