Probably because someone who believes web standards are the one true way marked them up as such. After all, a toolbar is a list of icons!
But my personal approach to markup is that when you're creating a web app that involves some app UI element like a toolbar, you shouldn't necessarily have to build everything according to HTML web standards since they weren't created for marking up applications, but for documents. In which case, just use whatever works best for you (like a div with a list of spans, using classnames to specify contextual semantics for your app).
Note: my answer refers specifically to the use of toolbars, not regular navigation in websites.