If they were starting from scratch, they could have used any frequency they wanted. Why not 1000 Hz? The transformers would have been even smaller.
The reason 400 Hz was used by a variety of companies, not just IBM, was the simple fact that the military had already developed the hardware, the design know-how and the engineering talent.
Don't forget that the electrical engineering talent that IBM and other companies used after the war were mostly busy developing military hardware during WWII.
So, in essence, while IBM hardware wasn't surplus, most of the engineers were. Additionally, remember that the first computers were almost exclusively used by the military, since they were the only ones that could afford it.
TTFN