The only hypothesis I can come up with the Series VII hood for the 50/1.5 was to prevent speed loss. Remember that the dress ring on the 50/1.5 is almost vertical. So perhaps using the Series VI based hoods on that lens leads to a tiny speed loss. (I think it's too close to the lens to ever cause anything visible as vignetting.) But I've examined it, and it sure is a very small infringement with Series VI as opposed to Series VII.
But, hey, when I'm using a hood, I'm outdoors, and I'm not going to use the 50/1.5 outdoors wide open. So I'd rather have the better protection of the rectangular 50/1.8 hood. Plus, it is superbly vented and angled.
I haven't actually used the "right" hood with my 50/1.5 yet, since there's a filter ring ding I need to have DAG remove. But, putting it on the 50/1.8, it's a viewfinder hog, on a IV-SB2 or a 7s. Well, only just a little worse than the round 50/1.8 hood (which I only use on the 35/2.8).
The 50/1.5 hood unfortunately is relatively rare, so it's very hard to catch at anything resembling a sane price.