iPhone apps have been able to access camera roll images by direct file access. I think they are still able to, though I didn't verify that.
It wasn't even difficult at all, a path to the photo directory can be easily figured out either from the simulator's file system or by jailbreaking the phone. (Or nowadays by Googling)
Secure sandboxing is pretty difficult thing to do properly.
If the image picker UI widget has an access to your photos and it is running inside your applications process, then your process has access to those files. It doesn't matter if the actual path is hidden, a clever hacker could still figure out to get access to those files.
To make sandboxing secure, UI widget has to run in a different process and only communicate data of selected image back to your app. This is non-trivial to implement well, given that UI transitions are expected to be smooth and even support animations.
Due to the API design of UIImagePickerController, I think Apple has known this from the beginning and maybe planned to do it securely. But I assume they just haven't got time to implement it yet.