Theoretically, when design a same building, Type V-B needs more fire resistance than III-B, such as thicker drywalls, larger fire separation distance, so I think it’s on conservative side. In fact, it’s not always true. V-B looks cheaper because any materials can be used. However, III-B is the same. Any materials can be used in III-B except exterior wall. In south Florida, exterior masonry walls are very popular because of the wind loads, flooding and humidity. It’s owner’s call to use masonry blocks. Most owners refuse to use wood frames. However, there are still some 100% wood frame houses built every year. Two story houses normally have wood frames at second level. I’ve never seen a one story commercial building was built recently with wood frame exterior walls. Some architects/engineers don’t want to change the construction type on their typical drawings (general notes/cover sheet) for all type of projects. I’ve seen a steel frame building marked with V-B as well. This is why I say they are lazy.