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Thanks for the suggestion - this was implemented in PowerVC 1.3.2, as noted on the Knowledge Center:
The VMAX driver lets you provision volumes to oversubscribed pools. The amount of oversubscription allowed is limited by the pool configuration on the VMAX. It is not limited by the Cinder max_over_subscription_ratio configuration option because PowerVC does not support pool scheduling where the option is used. The Available Capacity reported by the VMAX provider is the raw capacity available. It is not the unsubscribed capacity that would be left if the thin volumes were fully utilizing their allocated sizes.
Thanks for the suggestion!
Creating a new RFE based on Community RFE #79597 in product PowerVC.