I believe it is because the load of these types of pumps goes down when flow is blocked. The resistance to flow is from the acceleration of the fluid/gas as it passes through the blades. When flow is blocked, the substance runs around in a circle and doesn't load the motor. Listen to a vacuum cleaner for example. When you plug the inlet the rpms go up. A positive displacement pump is the opposite (piston type).
That's the way I think of it and a good way to explain it, IMHO. Centrifugal pumps and a lot of air blowers (such as in an HVAC system) behave the same. When the outlet is restricted the load goes down. If the inlet and outlet are wide open it can overload the motor. Here's a link talking about that effect. See particularly post #5.
http://forums.mikeholt.com/showthread.php?t=146363
You are correct that when the flow is blocked the load goes down allowing the motor to speed up but the current goes DOWN!
Here's a link that talks about current and blockage.
http://www.plctalk.net/qanda/archive/index.php/t-33130.html
You don't have to believe me - try it for yourself. Hook up the pump or blower (not positive displacement type!), put an ammeter on it, and run it blocked and open. Don't run it for too long blocked or just partially block it by pinching the pipe or whatever is fairly easy to do. If you run it for too long with no flow it may overheat even though the power and current are lower - there are still significant losses and heating.