My understanding is that pumps use Active insulin time to calculate Insulin On Board which, in turn, is used to calculate correction doses and maybe used by the HCL algorithm.
This varies from person to person so the pump and insulin manufacturers can only give an approximation/average. I am happy to adjust the Active Insulin Time on my pump from the default to what appears to work for me and wouldn't worry what the default is.
My guess (and it is pure speculation) is Medtronic have decided that given the overall Fiasp profile is very "front loaded", the remaining active insulin after 2 hours is usually insignificant.