The simplest way I can explain this is that you have one single rope holding the weight of the tailpiece. The fact that it wraps around the endpin changes nothing. It is one single single rope bearing the full tension of the strings. ..
Joey, if I understand your premise properly, you need to read about block & tackle systems. If the wire goes from the tailpiece around the endpin and back to the tailpiece, its tension is half the combined string tension. The tailpiece is in equilibrium, the total forces on it are equal. Furthermore, the tension is the same at every point along the length of the cable, including the halfway point in the bend.
Yes, if you cut either 'half' of the rope the total thing fails, but that's also true for a 10:1 block & tackle. It doesn't mean the tension isn't reduced.
As for overbuilding.. in most cases the market does not want overbuilt products. They're heavy and expensive. Cars, motorcycles, bicycles, air/spacecraft, skis, shoes.. these things would not be at the development level they are at if they were naively designed with 5~10 times the necessary material.
Unfortunately the ragged edge does bite us in a few cases, but it's far more common that we allow ourselves to be bitten by cheap products that are either marginally built or underengineered to drive costs down. Lawn mowers, shovels, BBQ grills, we have rewarded companies who produce complete junk by buying their products. The parking lots at Walmart and Harbor Freight are always packed.