I'll openly admit: I have a similar mental block regarding simple VSWR measuring circuits. They accomplish this in a low-precision way even in very inexpensive ham radios with a couple of diodes, yet I have yet to wrap my head around how it works since it's obviously AC that is being generated and sent to the antenna. I understand the RF coupling, and that each diode rectifies the inductively coupled current in its associated direction, but since everything is AC it would seem that (at least for a CW signal, to keep it simple) the two resulting signals would always be equal regardless of mismatch.
I suppose it could be a summation thing, where the reflected portion sums with the forward portion, but then performance would be phase sensitive depending upon coax length and propagation velocity. I've never seen any mention of such SWR circuits being frequency dependent, despite that coax runs can be anything from almost zero (handhelds and mobiles) to hundreds of feet (tower mounted antennas). Depending upon the frequency, such lengths can be significant modulo percentages of the wavelength.
The spinning disk power meter doesn't phase me at all (pun intended!). But I can't quite grok how SWR can be measured with two diodes on a signal that is zero-centered AC. Everyone has a blind spot, and this is mine.