The topological reason behind the phenomenon is this: the first homotopy group of SO(2,1) (and also Poincaré(2,1)) is Z (infinite cyclic). This means that Spin(2,1) is not the universal cover: it is not simply connected. On the other hand, for n > 2, for SO(n,1) and Poincaré(n,1), it's only Z2 (cyclic of order 2); meaning that the spin group is simply connected.