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Because I have never once heard an Oleg referred to as Olya. So I wouldn't recommend coming up to a guy named Oleg and calling him Olya unless you know for sure he'd get it.... :P

Maybe they just say it the English way? Like when people say Anya here it always sounds like Анья, but really it's supposed to be Аня. So same for Olya, unless her name is different on purpose? I...

Olya for Oleg?? Never heard that before...

Оля is for Ольга.

Oleg doesn't really have a ccommon diminutive like Sasha and Kostya. People just usually say Oleg. Olezhka etc are more like "kiddy"...