In the King Air, at least, it has to do with the low/high idle concept, and the fact that the bottom end of the power lever has ground fine and reverse (leaving no room for the two idles and the fuel cutoff positions).
If they were all on the same lever, you'd have to go through reverse in order to shut the engine down...not exactly a great idea when shutting a motor down in flight.
The natural follow-on to the question for me is, "why are there prop controls (ground fine, reverse) at the bottom end of the power levers (instead of where logic would say they should be, on the prop levers)??"
Probably has to do with being able to select the Beta functions without moving your hands to a different set of levers during the landing....