I read an interesting article by Tony Spath of Dolby Laboratories which explains why this is the case:
www.ebu.ch/en/technical/trev/trev_293-spath.pdf
Basically it's to accomodate the wide range of playback devices, say a TV or hi-fi system, which have quite different abilities when it comes to their dynamic range. With PCM and MPEG audio, what broadcasters can do to try and give a wider dynamic range to some content, like a film, is to expand the dynamic range 'at the expense of quiet dialogue'. Thus you can still watch the film at a lower volume on a basic TV and still hear most of the dialogue clearly. Most people set the volume according to the dialogue volume.
The intention of Dolby Digital and dynamic range compression (DRC) is to allow the possibility of a wide dynamic range but still allow playback, through DRC, on a system of limited dynamic range, like a TV.
I still find though that most films are overbearingly loud throughout, and this is something that has been commented on on the Dolby website.