A simple serial channel would typically only allow uploading code to the target MCU, or program Flash... provided that said MCU has a serial bootloader. You usually can't use a debugger with just serial communication.
AFAIK, the FE310 doesn't have a serial bootloader, so that wouldn't be workable (someone correct me if I missed it). Besides, with JTAG access you get access to a debugger, and can do a lot more.
So, here you have your explanation why they chose this approach. (The ESP32 has a serial bootloader in its internal ROM.)
As far as cost goes, for a dev board, it's really not a big deal. In quantities (at least through usual distributors), a CP2102 would be like ~$2 cheaper than the MCU they used on this board (but anyway, as I said, a CP2102 wouldn't be enough in this case.) So it's not as big a deal as you may imagine.