As you may know, HDInsight PowerShell and .Net SDK uses WebHcat/Templeton REST API and I believe, the reason New-AzureHDInsightStreamingMapReduceJobDefinition doesn't have -libjars as a paremeter is, Templeton REST API does not have that or support that, as shown in the apache templeton doc here- http://people.apache.org/~thejas/templeton_doc_latest/mapreducestreaming.html
On the other hand, Templeton REST API for MapReduce/JAR supports libjars http://people.apache.org/~thejas/templeton_doc_latest/mapreducejar.html
and accordingly, corresponding HDInsight cmdlet New-AzureHDInsightMapReduceJobDefinition has a -Libjars parameter.
I hope it helps to explain!
Azim(MSFT)