Why is there a 'Prince and Princess of Wales' royal title (and designated heir to the throne), but not an equivalent for Scotland? I know 'Prince and Princess of Scotland' sounds strange at first, but I am sure it that novelty will wear off over time.
As Lord Halifax notes, Wales was a principality, and so was ruled by a Prince. After England and Wales were unified into a single kingdom, the title of Prince of Wales was revived as a title subservient to the King of England & Wales.
When the England and Scottish crowns were unified, the two kingdoms were ruled as one. William, as heir to the British crown, does hold the title of Prince and Steward of Scotland, but this is subsidiary to his other Scottish titles, most notably Duke of Rothesay, and the much cooler Lord of the Isles, which comes from a 12th-15th century domain comprised of the Hebridean Isles, that mostly fell under the MacDonald lordship: