Besides impressive DC currents, the transient voltages can be quite large.
HF start may not deliver much current (a fraction of an ampere, RMS), but if the spark is make-and-break rather than a continuous arc, each individual spark event causes a discharge of the welding cable's capacitance into the surrounding material. It doesn't sound like much, but the cable contains 10s of nanoseconds of charge, and exhibits a high-frequency impedance on the order of 100 ohms. Starting from a high voltage like 10kV, that's I = V/R = 100A! If even a fraction of this energy gets into an electrical signal pin (like a communication port or logic device), it can damage or completely blow out the minuscule structures inside the chips.
During a steady arc, the transient voltage should be fairly small, or no worse than the high frequency energy delivered by maintained HF start, or AC (inverter) drive. The instant the arc is broken, however, the voltage jumps up suddenly, across all conductors in the loop (proportional to their inductances). And since the loop was carrying full welding current (whatever that happened to be -- which might not be very much for a TIG/GTAW process, where the current is tapered off at the finish of a pass, down to 10s of amps), the voltage thus generated has a low impedance, so that the current capacity behind the transient is comparable to the welding current itself. So, a peak of ~100s of volts and up to 100-200A, let's say.
It seems weird to me that something as big as a rail car, and needing to be as reliable as it does, would be designed without electrical systems that can handle this kind of abuse. Signal isolators and transient protectors do add some cost, but when the production quantity is small and the reliability must be high, one shouldn't miss the opportunity to add such things!
Tim