You're not missing anything. Mine came with 195/65R14, and I run 185/65R14 on the stock steelies, and I have 16x7 aftermarket rims with 205/55/16s, and they are bigger, but you have to look close to see it. I would imagine that ford just didn't want to sacrifice the ride difference between the 50 and 55 profiles, plus 205/55 is more common, from what I've seen, and it definetly was in '98. The difference in speedo/final drive numbers are probably not that huge.
Anyway, no matter what ford did, you can go with anything you want. Check out the "Summer tire reccommendation" thread, I got a lot of feedback about what to put on my summer wheels this spring, including sizes. I might go 215/50 on my wider wheels, it's about halfway between your current setup and the SVT stock size, and I think a lot of people run them on SVT wheels.