Supposedly it didn’t require any measurable amount of additional die space, because other things constrained the minimum size of the die (like the I/O pads), according to one of the Raspberry Pi engineers.
An additional ARM core would have required significant changes to the crossbar. Right now, only two cores can be active, not three.
I think this type of pseudo-wasteful design is not unheard of when manufacturer had two markets to deliver to that had substantially different processing, but not I/O, requirements, as well as when some of major features in already manufactured chip didn't work out and ways to offset losses would be nice.
Making a single core with two instruction decoders but a shared register file, caches, prediction logic and ALU would make sense for a very high-end application processor type core, but not for these small devices. You would also need an instruction set license from ARM for that, vs just licensing the M33 netlist.