Off the top of my head:
Nobody questions why main drive is C:, remnant of [an] early computer having two floppy (not sure) drives on A: and B:
Or more recent - C:/Windows/System32 holds 64 bit executables; 32 bit exectuables live in C:/Windows/SysWOW64
You can call the 64 bit architecture x64 all you like, but it's still using the x86 instruction set and it's frequently referred to as x86-64, so naming that 32 bit only folder "... (x86)" will just make things more confusing than they should be.
It'll be interesting to see what Microsoft will do if Windows on ARM actually takes off. As far as I know, the current translation layer can't execute amd64 on ARM, only x86. Will we see Program Files, Program Files (x64) and Program File (x86)? It would make sense; have the redirection system ready to go and the naming scheme would also make perfect sense. ARM doesn't need a special 32-bit folder because there's no notable 32-bit vs 64-bit clash; nobody is migrating upgrading their Windows CE device to Windows 11, after all.