The band saw / drill press comparison doesn't quite work. A band saw is cutting, so the capacity of the throat is the most logical specification...you can't have anything larger than that as your result or remove anything larger than that as an offcut.
A drill press is putting a feature (a hole) in a plane. Diameter gives a good visualization of what you can do. Actual reach would work just as well, but apparently the marketers got possession of the spec sheet in the very beginning of drill press history and knew that bigger is better. If you are more comfortable with actual reach, learn to divide by 2.