johnhan76 has part of the answer. Here are more parts -
1) The detention pond provides attenuation for runoff for all rainfall events, especially lessor than 100 year floods, that do not cause the flood plain to be occupied.
For example, most local roads with curbs and gutters (in my area) , the storm sewer is designed to handle the 5 year rainfall event. Without detention ponds, roadways in the flood plain would flood in virtually every rainfall, not just excessive rainfalls.
2) The attenuation volume is separate from the flood mitigation volume. Increasing the effective volume of the flood plain. (Atleast in my region of southwest Florida)
3) Why bother designing any drainage systems, since there will be some flood event (1 year, 100 year, 10,000 year or 1,000,000 year) that will overwhelm your system and flood everything except for the some mountain tops (remember Noah!)? Face it, drainage systems are designed to regularly fail because we can not afford to make drainage systems failure proof. We arbitrarily pick a level of failure that we can afford and design around that. Of couse, the wonks claim a detailed cost benefit analysis justifies these levels, but ...
4) Face it, much civil engineering is performed to meet certain regulatory rules. If the powers that be agree that a rule is "stupid" then it is changed. Otherwise, just grin and bear it.
5) The more "stupid" rules, the more I get to charge because more services and time are required. It is just an additional development cost.
6) Why don't you research what Civil Site Plans looked 60 years ago, especially the drainage plans. It was usually "blow and go", ie no attenuation, no water quality treatment, no FEMA rules, no NPDES, no Clean Water act, etc.
I hope that this help a bit. Clifford H Laubstein
FL Certified PE #58662