Before talking about the design choices, I'd like to explain these "fuse" parts are actually just resistors that change value. They're not real fuses. They don't "blow" or somehow stop current flow.
Internally, the part uses a ceramic or polymer that has a high thermal expansion rate. Metal particles are suspended inside the ceramic. When it gets hot, due to high current flow, the material heats up and expands. As it expands, gaps form between the conductive particles, causing the resistance to increase.
The fault condition is still a continuous current flow. The "fuse" merely adds a resistor in series with the circuit. The current stabilizes at some value that depends on the resistance of the "fuse" at higher temperature (the current which will keep it hot), and whatever short or fault is allowing so much current.
The current rating is NOT the "trip" point. It's the maximum current, at room temperature, which will NOT get the part into its temperature range where the resistance increases very rapidly. These aren't highly precise devices. They're temperature dependent, so there's a substantial margin built in to the specs. It takes quite a bit more current to get into the limiting region.
On Teensy-LC, a slightly lower value was used for 2 reasons. First, there's no ground plane, and the power traces aren't wide due to limited routing space on the 2 layer PCB. I was concerned the 500 mA rating, plus margin, plus extra current at colder temperature would end up being too much. Second, this value in the larger 0805 size was less expensive... and LC tries to reduce the cost as much as possible but still give a good experience.
I know some people are very focused on numerical specs. For anyone thinking that way about PTC "fuses", I want to emphasize again the very imprecise nature of these devices. They're not a carefully calibrated, highly accurate, on-off current limiting device. They're really just a chunk of thermally expanding material with suspended conductive particles.