I originally wrote this as a comment, but I will post it as an answer as I'm fairly certain this is most of the answer.
In general, there are two distinct types of electron correlation which can be described. Exchange correlation, which results from the indistinguishability of electrons, and Coulomb correlation which correlates the motions of electrons by considering individual repulsions between electrons.
Hartree-Fock (HF) theory accounts for the exchange interaction, but does not have Coulomb correlation as HF is a mean-field theory. That is, each electron experiences the average potential of the other electrons.
So, there is a sort of imbalance here from the beginning. It is known that the presence of this exchange interaction, which only happens for electrons of the same spin, results in two phenomena called Fermi holes and Fermi heaps. The references in that Wikipedia page are quite good. Essentially, a Fermi heap results when you have electrons of opposite spin. Because they must have a spatially symmetric wavefunction, the ends up being a greater probability of finding both electrons at the same location. This sounds silly, but read the references in the wikipedia page and you'll see what I mean. A fermi hole results when you have two electrons of the same spin. These must have an antisymmetric spatial wavefunction, so there is no probability of finding them in the same location.
If we think about these two effects in terms of electrical repulsion, the Fermi hole is a lower energy configuration than the Fermi heap. Because we almost always have both spin-up and spin-down electrons in multi-electron systems, both of these phenomena will take place, and the overall electron density will be some kind of average of all of these. (This is only really a conceptual framework.) If we take a simple case of a homonuclear diatomic, then these heaps and holes will all average out and we will get a symmetric electron density. If, on the other hand, we take a heteronuclear diatomic, then we see that there will be a tendency for these Fermi heaps to form over the atom with the larger nuclear charge just based on Coulombic attraction.
From here, I believe it is fairly clear that Coulomb correlation will tend to make the effect of these Fermi heaps smaller, and hence the overall separation of charge will decrease rather than increase, which explains why HF tends to overestimate dipole moments. By the same reasoning, the electron density is already polarized due to this heaping effect, so the system is not likely to be as polarizable as if this electron density were allowed to relax as is the case when Coulomb correlation is included.
This is all a very conceptual way of thinking about this, but I don't know that the math describing HF will be all that much more useful.