PS/2 is a true serial interface, with regard to individual keypress events, while USB keyboard devices are not. USB input events are packetized, and not necessarily acted upon by the system in any specific order if received within the same packet. The only reason this doesn't matter with keyboards is the fact that it is extremely unlikely that a person typing at a simple keyboard will be typing fast enough to cause multiple input events to occur within the same packet. This is not the case where keyboard technology is used as a gaming controller, and multiple events can be occurring across several users, nearly simultaneously. When this occurs in the case of fighting games, when one player executes a move a tiny fraction of a second before the other, there is no guarantee that the player who actually executed the move first, will actually be given priority. In devices where multiple keyboard devices are reported by the same physical device, this can become worse if that player's input happens to be relegated to a different keyboard device than the one being reported next. This is, of course, dependent upon the implementation, but users have no knowledge of these kinds of things to know exactly what workarounds are in use to get past simultaneous keypress limitations. It can be done well, or not well at all. This is not the case with PS/2.
For bank data entry and Point of sale, PS/2 was the norm for just these reasons. The devices used were often piggy-backed onto the keyboard data stream, which meant that to the system it was attached to, it appeared as though the user had actually typed the data, albeit very quickly, and the data order would always be correct.
For arcade gaming, the PS/2 protocol works perfectly. It is way more than fast enough for the 60hz polling cycles of arcade games, and it is extremely reliable. In fact so reliable, in cases where users have issues with using USB on some of the dual-compatible devices, the first suggestion is to use the PS/2 capability if present on their system. When that advice is followed, their issues seem to go away. That alone tends to speak volumes in support of using it, if one can.
As for it being an "afterthought", I find it odd that one would think a special two color connector to indicate either mouse or keyboard compatibility, and appropriate connection to support both without interference, was an afterthought. It seems pretty well thought out and implemented to me.
BTW, Dells are the oddball when is comes to keyboard issues. Every time I have heard of an issue with a keyboard, the name Dell always seems to pop up. Not with all of their systems, mind you, but they dropped the ball with some of them, even to the point where they were very picky about even regular keyboards working, when it did not carry their brand name.