This is what most people seem to get wrong about airplane seat belts—they are not there for the same reason as in cars: crashes. They are there to keep people from flying around and getting injured during turbulence.
Crashes in commercial planes are so rare that any single one almost always makes the news, while turbulence is extremely common. Let’s be fair and say that a seatbelt is not going to make a whit of difference when colliding with the ground at 200 MPH, so a 2 or 5 point harness are essentially the same in that regard. But a belt is plenty to help with turbulence.
Will there be a few instances, such as yours, where the extra protection would have been good? Of course, but there’s also a trade-off of weight, cost, and public resistance to strapping in like a race car driver. The other mitigations seem to work well enough when there is a situation.