We could debate whether or not Amazon should include ePub compatibility for eternity ..... and it'll probably be a debate here until they do.
But in the end I can assure you Amazon didn't "miss" anything. Their choice to exclude ePub is quite deliberate and they feel that they're making better profits with the closed wall Kindle/mobi/azw format.
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I convert epub to Kindle format via Calibre, doesnt everybody?
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I suspect that most regular Mobile Read users do convert formats, or at least they are aware that formats can be converted. The average general user though probably just happily clicks away on the Amazon website.
Don't forget that when those Agency publishers forced Amazon into fixed pricing they were actually giving Amazon more profits per book and since Amazon still holds the largest market share of eBooks they're getting the best results. And it's kind of funny that those higher profits are very likely now subsidizing the lower hardware costs on the Fire/Touch Kindles and really putting pressure on Barnes/Kobo/and Sony