The answer to this will likely need to come from someone who has worked for an electric utility company.
The fuses on power poles before a transformer are there to protect the transformer as well as a means to disconnect that transformer from the high voltage line.
The question is this: If the transformer is rated at 500amps Max load, (for example), is the fuse rated at 500A, or is it a little lower to avoid overload, or possibly a little higher for surges? Does anyone know?
I know that house fuses/breakers are normally sized below the maximum load a specific gauge of wire can handle, yet they do allow for surges. But the power companies have different standards, and are dealing with much higher voltages on the primary side of the transformers.