I think there are two reasons we don't see this command - at least, not in this form.
First, Lindens seem to have a habit of coding their engine (ie. vehicle code) so prims or objects won't move infinitely unless you're trying to do just that. The logic there is so we don't end up with, say, 50 scripted planes that have lost their owners buzzing around sims until the end of time.
It's not like that
doesn't happen already, but at least you have to put some thought into it currently.
As such, a "frictionless" object would, in effect, move infinitely unless the Lindens were to code in air resistance, or by some miracle the velocity were cancelled out. That doesn't mean we shouldn't be able to have objects with
very low friction - but as it stands now, objects moving infinitely in this manner, this easily, would be taxing on the sims.
Second, what if someone set a negative friction value?
I guess it's all fun and games until someone loses an eye attachment.

Furthermore, what you describe with "turning off the engine and coasting" could be done now with LSL. But like I said, it would take some actual work to do. Remind me in-game, and I can give you a copy of my Vehicle-Codeless Vehicle script for this.
Edit: By the way, potentially hostile responses will get no real reply out of me.
