This is technically correct: all hubs generate AC power and the terminals are theoretically non-polarized. However, some hubs, like the Shimano, ground one of those terminals to the axle, and by extension, the frame, and therefore designate that terminal "ground". Likewise, some headlights, like the Edelux, ground one of their terminals to the headlight shell (and therefore the frame of the bike, when mounted). By convention, the braided outer conductor of a coaxial wire is designated the ground, and Schmidt follows this convention. So it follows that the Edelux's braided wire is grounded to the bike's frame, and that the designation of hot and ground wires be used, even though the SP's hubs themselves are insulated from the axle, and by extension, the frame of the bike.
If you were blind to the designation of hot and ground wires, and were running an Edelux off of a Shimano hub, you would have a 50% chance of wiring it backwards and shorting out the hub. Conventions, in general, are good to follow, even if they may not apply to a specific situation.
Anton