The all around symbol I think was meant to extend the zone past corners in the view shown as you have stated.
The "ALL OVER" mentioned in paragraph 6.5.2(a) of the 94 standard and replaced with the new symbol for "ALL OVER" in the 09 Standard was meant to apply the tolerance to the "six sides" that looslib speaks of... but it is not all that simple!
If a simple "un-extended" profile tolerance is applied to a "surface of revolution" like a cylinder or a sphere where a view plane cannot be uniquely established then it may have an "all over" by default.