Given how many people are dumbasses with the box cutters, I can see AP being more concerned about someone using a weapon on themselves than someone else and having to report an injury, but that might just be my store. I have a swiss army knife in my purse, but don't carry it with me in the store. If I needed a screwdriver or something and couldn't find one (the electronics boat usually has some) I might fetch it, and not think anything of it.
Seriously, given how long it takes to get a swiss army knife blade out, anyone you intended to harm would already be down from laughter, so hardly a threat.
In all seriousness, though, in the case of something like the Esee, I could see AP not being worried about TMs using them as weapons, but someone grabbing it off your belt and trying to hurt someone with it or something like that.