Hash collisions are not as important with HMAC for large (>=128 bits) authentication tags. HMAC-SHA1 at 160 bits is still considered secure. HMAC-SHA-512 would waste CPU resources since HMAC runs the hash function twice per message, and OpenVPN would do it for every sent and received packet. Calculating SHA-512 might also have a significant performance impact (CPU and throughput) on the client side.