Just a guess, but List can iterate over its items without creating an enumerator:
public void ForEach(Action action)
{
if (action == null)
{
ThrowHelper.ThrowArgumentNullException(ExceptionArgument.match);
}
for (int i = 0; i < this._size; i++)
{
action(this._items[i]);
}
}
This can lead to better performance. With IEnumerable, you don't have the option to use an ordinary for-loop.