I am not astonished iOS lacks parental controls but admit they would be useful.
Establishing rules for my toddler is relatively easy when in the context of a physical object (e.g. don't touch the TV, you can only read books or do puzzles during quiet time).
The same toddler has a MUCH harder time recognizing the distinction when dealing with different apps on a single physical device. If I leave two devices in a room and tell him not to touch one, I'll get compliance. If I give him access to a device but tell he that he can't watch movies, compliance drops and he exhibits much less awareness that he broke a rule.
I don't fault apple at all for the lack of parental controls, but do see a use if they were included.