Hearing people actually say it might help me, what with the intonation etc, but here is what may be behind that "wrong" phrase.
I could care less = I think the subject matter is so not worthy of my attention, that the little I care is not actually the least someone could care about it.
Of course I think in phrases like this, which are "cemented" and linked to very specific occassions, other things than the whole meaning of the words might play a role.
For instance the presence of the "n't" part might create such a phonetic impression (sort of speak) to the speaker which doesnt suit the emotion he/she wants to convey. The hard consonants /d/ and /k/ (could and care respectively) are interrupted by an /n/ which adds what I would describe as a silent sylable. So it breaks the flow of an otherwise phonologically "clean" phrase: v-cvc-cv-cvc (I didnt count the /r/ as a consonant) and turns it into v-cvc-c-cv-cvc (I didnt put down the /t/ because I think in normal speech I think it isnt really pronounced but that may vary) with a different acoustic impact.
PS: If some actual linguist is reading this and facepalming... I'm just pondering.
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