PWM is a common method used for a lot of different types of electrical devices (tools, machines), Bob.
The home shop type SCR speed controls that many HSMs use, such a KB Electronics use a much higher component count for speed control and regulation, than say, a generic variable speed device like a triac router variable speed device.
The typical basic AC universal motor variable speed circuit may use about 6 actual components.. triac, diac, capacitor (or 2), resistor (or 2) and a speed pot/switch. This circuit may allow the user to change the operating speed, but has no control over the speed regulation at a selected speed. A KB DC variable speed control with speed regulation may have closer to 80 components not including the internal circuitry of the ICs.
Speed control for single phase AC induction motors involves more functions than chopping the AC supply power. Oriental Motors of Japan has variable speed modules with speed regulation for their small (up to about 1/8 HP) PSC permanent split capacitor AC motors.
There are other speed control and regulation modules for single phase AC motors, but they aren't common, so the use of DC motors is often an easier/cheaper choice.