There are standards for stringing up wire. I'm pretty sure that there is a heavy jacket protecting the cable, which is sometimes attached to a metal wire.
The alternatives aren't really viable. In most US cities, there aren't shared utility conduits underground, so burying cable means marking safe dig areas and burying cable in dedicated trench -- dumb idea.
Making things worse, utility poles are revenue generators for the local telephone and electric company, so there is no incentive to move aerial cable installations underground.