It does have those settings, but Nintendo, for some reason, felt they weren't enough.
Basically, if it came to a courtroom battle, Nintendo has to be able to say that the kid didn't meet the pedophile by use of the Wii but first needed to exchange codes with them over the regular internet which is the PARENT'S responsibility and not Nintendo's.
Though, you could use the Internet channel to swap friend codes and then technically blame the Wii for all of it...