I believe the Philippines did actually ask the Tribunal to rule on the status of Itu Aba, for exactly the reason you mention. The Philippines also argued that it was not.
I'm reading the ruling now and it appears the Tribunal based its decision on Itu Aba lacking a "stable community of people." I think most observers expected the opposite decision based on the fresh water on Itu Aba and its capacity to support human habitation.
I do agree though that this is probably the one point in the ruling I disagree with.