This is something I noticed at my previous job (removing user access to gcc, make, ld etc so only root can run it[1]) and never understood.
It reminds me of blocking ping to improve security or worse blocking all ICMP.
Compiler, and especially make are harmless by themselves. They aren't setuid all it's used for is translate file from one format (source code) to another (machine code). One might as well block sed, because it could be used to modify /etc/passwd or /etc/shadow.
A someone who would want to compromise hosts if they need binaries, they would precompile them statically, that way is a single file, no need for libraries and no need extra development packages with header files and more likely to work across wide range of systems.
[1] because, there were chef recipes that were compiling things :> Also, it decreases security, because now you need to run compiler as root, so you could be compromised through things like this: http://securitytracker.com/id/1004374