Step 1: Work out the configurations involved.
Neutral scandium ($Z=21$) is $[Ar]3d^14s^2$. Removing three electrons to form $Sc^{3+}$ leaves just $[Ar]$, a complete noble gas shell, while $Sc^{2+}$ still carries one lone electron as $[Ar]3d^1$.
Step 2: Judge the relative stability of the two ions.
A filled noble gas configuration is unusually stable, so $Sc^{3+}$ sits in a comfortable, low energy state, whereas $Sc^{2+}$, with its single unpaired $d$ electron, is comparatively less settled.
Step 3: Connect this stability to the reduction potential.
The value $E^\circ_{Sc^{3+}/Sc^{2+}}$ describes how readily $Sc^{3+}$ accepts an electron to become $Sc^{2+}$. Since $Sc^{3+}$ is so content in its noble gas form, it strongly resists taking on another electron, making this reduction potential very low, strongly negative.
Step 4: Match statements to the option.
Both the Assertion and Reason are true, and the noble gas stability of $Sc^{3+}$ is exactly why the reduction potential is low. \[ \boxed{\text{Option (A)}} \]