A few thoughts:
Buses are typically one of the larger vehicles on the road, so in an accident between a car and a bus, the much larger mass and momentum the bus has will mean it will take much less of an impact compared to the car (a bus hitting a car will plow through it and push it out of the way, while a car hiring a bus will be stopped instantly).
Buses also typically stick to lower speed city roads, so accidents will typically be at much lower, safer speeds than a car travelling at high motorway speeds – the larger coaches used for longer journeys on motorways will often have seatbelts installed, unlike the smaller city buses.
It is also just impractical to fit, use and maintain. Over a shift in a bus there will be hundreds of travellers all getting on and off constantly and moving around. It just isn’t practical to police the use of seatbelts, to wait at each stop for people to be sat down, belted in and adjusted, and to be constantly checking them to ensure every belt works properly and is fitted correctly. And if you are allowing riders to stand and move around during a journey anyway, is there really any point?
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