They are not identical! To even think for a moment that they are identical, you must have something like floating point numbers in mind to back x, y, r, theta. An IEEE float can take on the value "inf". The polar representation allows you to represent "a point at infinity in a specific direction", whereas the Cartesian representation allows you to represent "a point at infinity in an axis-aligned direction" and "a set of points at infinity in a set of directions within a quadrant".
You can argue they are identical for points not at infinity. But even then, they are not identical. The polar representation has redundancies (1. negate the radius and flip the angle. 2. add one turn to the angle).
These are the kinds of things that might make you prefer one representation over another, in addition to performance characteristics of certain operations on the points.
If you like thinking about these subtle differences, you can drop down to one dimension and consider two representations for intervals: 1. a lower and upper bound, 2. a center and a radius.