I'm no expert on cable design, but it seems that corrugated sheathing would be somewhat less effective than an integral shield.
The purpose of a shield is to make sure the potential drops to zero by the time you reach the outside of the cable. The grounded shield ensures that the voltage drops to zero within the cable.
The corrugated sheath would largely do this, too, except that (1) it is located outside the cable, not embedded within it, and (2) there are air gaps between the insulation and the corrugation. You would be certain to reach zero volts near the edge of the cable, but there could still be a voltage between the insulation and the grounded sheath. That voltage, if large enough, could be enough to ionize the air between the cable and the sheath, which will eventually cause cable failure.