John,
Not to be critical, just accurate, to my knowledge bunker "faces" are part of the bunker, i.e., sand (the "white faces" of Merion, for example.) Yes, announcers refer to the grass slopes outside of bunkers as "faces." They also tell us that the ball has run "through the green," when it has in fact run over or past the green. Oh well.
I am not an agronomist but I don't think there is any agronomic advantage to overseeding the entire couse except for areas surrounding bunkers. That leaves only one reason, as far as I can tell- aesthetics. Looks good on camera.