It sounds kind of lazy to me. Though I'm sure they would get lots of complaints if they turned it on...some mailing list software depends on spoofing, for example. Or web based "contact us" forms. So perhaps it's just to avoid lots of support tickets.
Take a look in Gmail at a signed email and you’ll see a “Signed by” field in its header info, with a domain name as a value.
Also the SPF setting has nothing to do with the From header either.
In other words the “From” value cannot be protected, unless you sign your email with PGP or S/MIME.
They know who authenticated to the SMTP server, so they could enforce that the From address is who it was authenticated by. Otherwise, they basically act as an open relay.
Plus it's not a unique problem to fastmail.