I'm sorry, but the first time Krovelof gets in there with a banger like Adonis Stevens or even a highly skilled technician like Ward he is going to pay dearly A guy with that type of height and reach should not gave such pourous defense
Probably for balance, baiting et cetera. They know the risks and when to do it and not, you'll notice after getting hit once most of them will immediately put them back up.
Elite boxers with great understanding of range and distance don't need to have their hands up all the time. There are upsides to keeping hands low like shooting jabs from awkward angles, baiting, you can see what the opponent is doing more clearly etc. Also, if you keep your hands too high you're open to bodyshots. As for Kovalev specifically he controls the center of the ring a lot so he always has an escape route, he can just bounce back or pivot if someone pressures him. He also has good reach.