Here I have to confess to blowing up my Brommie tyres way over max pressure (as was my wont) on a sub-zero morning, commuting to London and putting it under my desk in an overheated open-plan government office.
Quite a startling effect at about 10:15
I'm sure you're not the only cyclist who likes to overinflate their tyres. Baggage handlers needn't know much about tyres, so they have to treat each bike as a potential explosion. What startles a government office could be more startling at 30,000 ft. As for the potential damage, as others have pointed out, the airline's not bothered about your tyres destroying your rims, they're worried about it damaging other baggage. We also have to consider that air cabin pressurising systems could, I suppose, fail, and in that circumstance the priority must be to maintain pressure to the passengers and crew, not the hold.
So in all probability there is no technical need to deflate tyres by more than 15 psi, but airlines by their nature are going to err on the side of caution. Bike tyres are probably treated the same as motor vehicle tyres, which contain far more air so could make a bigger band... As with security, where in all probability any individual's luggage does not contain a bomb, nor their shoes a weapon, but if an exception were made for you they'd have to let everyone through.
So... everyone's right here, in a way!