Is there a reason drill bits are stored pointy side up?
In older days a drill bit set would normally be kept in a metal box called a drill index. Here is a picture of a typical drill index. 



The hinge out carriers for the drill bits were made of metal and it is a possibility that the nice sharp ground edges on the drill flutes could be worn if the fluted end of the bit was shoved down into the holes. 

More of the modern drill kit boxes use a different style. They are made of plastic and often have a squeeze in holder for the smooth shank part of the drill bit. It is much harder to get the fluted end it snap in to this type of holder and the sharp edges would cut up the plastic.



So there you have two plausible answers to your question. Only other thing I can say is that the fluted ends all look cool when packaged in a size sequenced set. Why not show them off?