My guess is that it is related to building codes...cover it and it might be treated the same as a regular building and be subject to other requirements that CGA is either unable to accommodate or too cheap to do it.
In any case, it's one of the worst things about CGA on a hot summer day!
You are correct, it is related to building codes. A queue structure is required to have fire sprinklers and be permitted just like any other structure. Look at Grizzly, there is the roof plus lighting and fire suppression (sprinklers). The lights are needed for night operation. If you are thinking, what about a fabric roof...look at Drop Tower...it also has lights and fire suppression. While adding fire sprinklers and lights along with a simple roof don't cost a huge amount, they did cost more then the park was willing to spend for something with minimal to no Return on Investment (ROI).
To be clear, the park has looked at adding roofs to the White Water Falls queue and other rides after the fact, but deemed the cost not worth it at that time. As to why they continued to add rides without shade...who knows. Usually small expenses like that are easy to add in to a Capital Expenditure (CapEx) project. But CGA also made the least profit in the Paramount chain and I imagine it under performs for CF as well. Meaning, even things like shade are sometimes cut in order to give a park a CapEx project (new ride) while spending as little on the project as possible to save money.