`#!/bin/sh' makes this less portable than it could be, if /bin/sh doesn't exists on my system it won't work, for example. Remove that line and it'll work everywhere.
Applications should note that the standard PATH to the shell cannot be assumed to be either /bin/sh or /usr/bin/sh, and should be determined by interrogation of the PATH returned by getconf PATH, ensuring that the returned pathname is an absolute pathname and not a shell built-in.
So now to execute a program that could have been a direct run you have to fire up a shell, have it parse the file, and execute the instruction? Not really a great thing...
Plus, you have to know the absolute path of the executable busybox, not something you always know in advance.
You're not wrong about the extra execution of shell, although a lightweight shell like ash or dash doesn't have a huge overhead.
But realistically, the only people that need to worry about the actual location of the busybox executable are the people who write the install script - it would take that as an argument or variable and spit out all the little scripts as an automated process. The current installer already has to do most of this work as part of setting up the relevant links anyway.