You're missing the point. Its a fluff reason. It is purely a fluff reason. But the fluff in the books is all they had to work with. And until you can understand that the fluff was actually an important factor to some of these classes, you will not understand the point.
Because gnomes, while magical, are illusionists/pranksters. That fits the bard archetype better than Wizard. Elves have Wizard as their favored class because they are, as a people, more focused and more importantly, old. They are independent and likely to put the time and effort into the study of the arcane. Gnomes, while long lived, are much more flighty in their pursuits. But if they do put the time and effort into the study, it will likely be into ways to expand their innate talents. Humans have Any as their favored class because they are mutable and able to quickly learn new things(also why they alone qualify for Able Learner and Chameleon)
Rubik, we're going to disagree. That's just it. But you need to open your eyes to more than just the mechanics of the game and look at the fluff that accompanies the classes and races in the books that define this game. Until you can do so you will not truly understand the game.
The writers of the books were trying to build a world and craft a story without saying "here's our world. play in it." they left it vague enough that it could be modified, but defined enough to that options were unique. Without uniqueness it is a poor story.