Tenacious's answer is correct, but here are some more details.
The reason you can't "create a normal layout and bind the view components to the sharedprefs manually" is that there are some surprising omissions in the android.preferences API. PreferenceActivity and PreferenceFragment both have access to critical non-public PreferenceManager methods, without which you can't implement a preference UI of your own.
In particular, to construct a Preference hierarchy from an XML file you need to use a PreferenceManager, but all of PreferenceManager's constructors are either package-private or hidden. The method of attaching the Preference onClick listeners to your activity is also package-private.
And you can't work around this by sneakily putting your implementation in the android.preferences package, because non-public methods in Android APIs are actually omitted from the SDK. With a bit of creativity involving reflection and dynamic proxies, you can still get at them. The only alternative, as Tenacious says, is to fork the entire android.preference package, including at least 15 classes, 5 layouts, and a similar number of style.xml and attrs.xml elements.
So to answer the original question, the reason Google didn't include PreferenceFragment in the compatibility package is that they would have had exactly the same difficulty as Tenacious and myself. Even Google can't go back in time and make those methods public in the old platforms (though I hope they do that in future releases).
PreferenceFragment
that you will forget is even there. See my answer. – Denticulate"Because most of Preferences' implementation is hidden, therefore impossible to backport without lots of hackery."
– DenticulatePreferenceFragmentCompat
was recently added to the support library. – Denticulate