I think a modern 50mm film compact is one of the great 'missing links' in the spectrum of camera delights we have to call upon. Yes, there are the compact zoomers with their 28-56mm (or similar lenses), but none are faster than 5.6 at the long end. The 40mm of the Leica Minilux and CM cameras is actually an outlier to the telephoto end.
There is the dual range LEICA AF-C1 with its 40/2.8-80/5.6 combo, but there isn't the choice of 50mm in between! And of course there are plenty of fixed focal length rangefinders that go out to 45mm...but they are not point n shoot.
I think Mike's theory on the use of these P&S cameras is spot on. A couple of other thoughts: 1) the AF would have to be a lot more accurate and hence sophisticated for a 50/2.8 than for a 28/2.8, which may be a challenge whilst keeping costs down, 2) the Japanese market (where most of these cameras are designed, and used) has a more wideangle taste than the West, generally speaking.
I would welcome such a hypothetical camera. I think the 28mm/50mm combo cannot be beaten for utility, and I very much like the idea of my full shooting gear being a compact in my left jacket pocket (GR1s), a compact in my right jacket pocket (Fujifilm SuperDuper Pro 50mm compact), and as much film as will fit in my breast pocket. 🙂