I don't understand why earthed steel conduit is deemed sufficient protection for cables outside prescribed zones.
Read regs 522.6.5/6/8 again and you'll see that each refers to earthed cable coverings, conduit, ducting and trunking as options which give protection by the method you describe.
Each of these are also often used to provide simple mechanical protection against various forms of impact damage (see 522.6.1) where cables are not concealed.