Reversibility is characteristic of the regime of Stokes flow—also known as “creeping flow.” In this case, the velocity is always, in an appropriate sense, small. It is small enough that without external forcing, the viscosity terms damp the fluid to momentum to zero essentially instantaneously. (How small this is in practice obvious depends on how viscous the fluid is. In terms of the Reynolds number, this means ${\rm Re}\ll 1$, so that without an external force, ${\bf u}$ is already small enough that it will be damped out on a length scale much smaller than the size of the system.) This puts this system in a standard overdamped regime, like the motion of a falling object that rapidly reaches a terminal velocity proportional to the external gravitational force.
In the Navier-Stokes equations, the term that impedes the reversibility is the advective term ${\bf u}\cdot\nabla{\bf u}$. This term represents the change in the local fluid velocity as the the fluid is carried along by a bulk motion. In a low-viscosity fluid, if you set part of the fluid in motion, it will keep moving for a fairly long time, and the ${\bf u}\cdot\nabla{\bf u}$ term will create irreversible changes in the spatial distribution of ${\bf u}$. However, if the motion essentially ceases once the applied force ceases, this term is very small; everything more or less stays in place, so if you push back on it the other direction, the fluid will move back to were it started.
In terms of the equation of motion, notice that if you omit the advective term and invert the external forces, there is a time-reversed solution. (In the Couette problem, the external forces come from shear stresses at the boundaries, whereas in the version of the equation in the question, there can be an external pressure head and gravity.) That is, if $u({\bf x},t)$ was a solution with external force ${\bf f}$ over the period $0<t<T$ [taking the velocity field from an initial configuration ${\bf u}_{0}({\bf x})$ to ${\bf u}_{1}({\bf x})$], then $-{\bf u}({\bf x},2T-t)$ is a reversed solution over the period $T<t<2T$ with a similarly reversed force $-{\bf f}$, which carries the configuration from ${\bf u}_{1}({\bf x})$ back to ${\bf u}_{0}({\bf x})$. This doesn't work with the advection term present, because ${\bf u}\cdot\nabla{\bf u}$ is quadratic in ${\bf u}$, and so the minus signs in $-{\bf u}\cdot\nabla(-{\bf u})$ cancel out.
There is actually a Taylor-Couette flow film featuring G. I. Taylor, who first solved the stability problem in the system, himself, in which he explains this fairly well. However, I cannot seem to find the video anywhere on the Web at the moment.