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Because one is limited to a single file where direction (up vs down) and wrap (yes vs no) make sense. Anytime multiple files are selected as the target, a state based (starting state is saved so ending state is known) search is done that will clearly tell you when you have reached the end (ie. visited all matches just once). This is very useful when running search groups from saved searches, etc. Before users were forced to revisit previously handled searches, keep track of where they were , where the search started etc.
Searching only within the current file allows you to control wrapping. It also allows you to control marked text search, direction, etc.
This is all explained in the Sigil User's guide.
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