I heard the difference might be because testing determines lesser quality builds which then are limited in software to meet the respective specs within a broad error margin. The unlocked ones might work and display but you loose all guarantees on precision. This process is called binning, and is done with many electronic parts, most famously cpus that are binned according to energy efficiency, clock frequency, or cache size.

Of course that doesn't excempt them from attempting price differentiation, e.g. under the veil of this process.