Think of a spade bit as a rotating chisel. When you round one off to a pipe chamber sort of shape, you want the leading edge to be cutting and the trailing edge to be probably not touching at all, so there's an opposing bevel on either side. You can shape the thing to be less wide "up top", sort of tear-drop shaped, so that the sides of the bit aren't really doing anything after it reaches whatever maximum width you have on the fat part of the tear-drop too.
Having them cut well, evenly, and fairly sharp is far more important than the actual shape.