Here is the way that torotrak describes their tech. Notice that there is no mention of opposing cones. Notice that there is no mention of torque limitations. If you are right there must be different reasons than the ones you mentioned.
"The IVT moves away from the constraints of stepped ratio automatic transmissions and unlike Continuously Variable Transmissions there is no torque limitation. The ratio range is provided not by a system of gears, as found in a conventional automatic transmission, but by a variator which consists of a set of discs and rollers and is termed a 'full toroidal' variator (more information on how the variator works can be found here). "
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