I am curious about this as well and have wondered the same thing. That I why I use the bus compressor more often. However, a couple of thoughts come to mind.
1. The attack time doesn't necessarily mean the that full compression ratio is reached at this time. It is more of a slope. Think Xdb/attack time. That is it will change from no compression to Xdb of compression in the attack time which could be less that what would be applied if the attack time was say 0. So, depending on the design of the compressor the 'Xdb' could be smaller, say 3db/1.2ms, than a compressor designed with 10db/1.2ms.
2. A snare or acoustic guitar could have transient information within a millisecond or two but you would have to use your ears or analyze the effect of the compressor on the instrument to see how much it really does to it.
3. There are uses for a quick compressor is you are trying to level out the overall volume and not change the tone of the sound too much. A quick compressor would not let as many transients through and would compress the whole sound more evenly than one with a slow attack time. Of course threshold and release time play into this as well.
Just some thoughts.