"As for the current handling ability of a NEMA 5-15P 15 amp plug vs. a NEMA 5-20P 20 amp plug there isn’t any. If you look at the size of the hot and neutral blades they look exactly the same ..."
Quite so. But the issue is not the safety of the connector itself. It simply isn't safe to use an adapter to plug a device that requires 20A of current into a 15A outlet.
" A manufacture can build, and does, a power cord that has an IEC 20 amp female connector on one end and a 5-15P plug on the other end. "
Quite so. And, if the device itself draws 15A of current or less, that's perfectly safe.
Some manufacturers use 20A connectors - even though the component draws less than 15A of current - because the 20A connector is likely to make a tighter fit with the receptacle. ARC has done this.