I don't know if there is any merit to this, but I've always thought of it this way:
The pawn is a soldier moving forward with a shield... to strike with his sword or spear, he has to swing around the shield, or in the case of chess, diagonally. This analogy could apply to the Knight as well but the concept extends a square as the Knight on horseback has greater range with a lance.
On another note, I'd argue the pawn's value has a great deal to do with its position on the board and the stage of the game. It always has the potential to be greater than it started and so I wouldn't categorize it as less valuable.
Does anyone know the history or logic behind the discrepancy between the pawn's normal movement and its movement when capturing? Kinda curious, and Wiki doesn't really help.