That's the case on every federal emissions vehicle I've owned, and I'm pretty sure it's an EPA requirement.
Maybe Toyota did something different, but usually there's the upstream sensor to allow the ECU to adjust A/F ratio, and the downstream sensor to ensure the converter is working properly. I didn't know it was possible to do it any other way. The CA compliant vehicles have an extra converter, and more accurate sensors, but there's still just two of them. One upstream and one down.
I'd suspect this 4Runner has had some exhaust work and one was removed.
OP, do you get a check engine light? If not, does it light up for a few seconds when you start the truck? (Just to be sure the bulb is there and working).