From the spec: "The syntax of path data is concise in order to allow for minimal file size and efficient downloads, since many SVG files will be dominated by their path data. "
It'd be a list, in a document format for tree-like structures. You cannot nest path commands, it doesn't really make that much sense to have individual elements for them.
In any case, if it bothers you that much, writing an XSLT that takes path elements and transforms them into the path data syntax shouldn't be that hard.