One a webiste for rougher headed treated pine (laser grooved) it was saying taht it is done to reduce splintering and splitting. Maybe the same applies for decking.
My old house I put the treated pine reeded side up. It had a roof, but when it got wet at one corner that was exposed to wind and rain, it was great for grip, but only if you walked across the boards. When walking along them like it had been greased up. My current deck is Merbau smooth up, and smooth down, no reeding. No complaints about grip and it is fully exposed.
I think it looks better, especially when nicley oiled and the water is beading.