I tore into a 300W Seasonic power supply and found something interesting. It is labeled 12V1 17A, 12v2 17A, combined total 288W, or 24A but they're all soldered into the same bundle rather than having two separate bundles each having their own monitoring shunt. So why doesn't the rail just say 12v 24A? The idea behind multi-rail is to prevent a wire from becoming severely overloaded such as when someone connects a two Molex to PCI-E adapter to two Molex connectors from the same string.
Given a duplex outlet served on a 20A circuit and you plug in two power strips each with a 15A breaker, you have a dual rail, because each power strip protects itself to 15A while the 20A branch circuit breaker serving the power strip limits the total load at 20A. If you had unprotected 15A rated power strips, the only protection is from the 20A breaker upstream and there's nothing preventing you from loading one power strip to 20A.
Given a duplex outlet served on a 20A circuit and you plug in two power strips each with a 15A breaker, you have a dual rail, because each power strip protects itself to 15A while the 20A branch circuit breaker serving the power strip limits the total load at 20A. If you had unprotected 15A rated power strips, the only protection is from the 20A breaker upstream and there's nothing preventing you from loading one power strip to 20A.