For the resistance range, the low fail can be considered a safety issues. From and ESD control point of view, there lower limit does not matter.
For the high fail, as the resistance increases, the body voltage of a person with a wrist strap will increase. If the resistance is to high, body voltages can rise above 100 volts.
As I was not familiar with the Tester mentioned I wanted to look it up. The Hakko 498 Wrist strap checker seems very simple. However, I see no reference to any test methods the equipment complies with to provide some assurance to the user. I would also be concerned with the inability to adjust any of the pass/fail settings to meet those indicated within S20.20-2021 of < 3.5 x 10^7 ohms. Thus now the user has no way of knowing if its a true pass or fail without the actual reading being displayed.