I know, I have been to some of the OEM makers in Japan, they do it too. Leatherman does it, Böker does it, most other makers (industrial and custom) do it. However, that doesn't make it any better. Like I wrote in post #14 it is economical.
Yep, I went to a japanese semi-industrial maker (Takefu knife village- these are a bunch of craftmen that work in a single factory building, each one makes his own production plus they make some "brand knives" together), and they did all the grinding on huge waterstone grinders.
There are many problems related to water stones grinders, like the whole water aspect, the fact that if you allow the wet stone to rest for too long, you'll have all the water migrating to the bottom of the stone, which will damage the stone or the axis when they start spinning again.
The fact that good sharpening material is more expensive than belts.
The fact that the stone wears out which means craftmen have to adapt angles.
The stone wearing also means it has to be corrected pretty often. The "factory" I visited had one person working almost full time on maintaining the stones.
For all those reasons most makers turn on belt sanders, but as already said it doesn't work that well.
Problems are mitigated by the fact many makers do some final sharpening on benchstones or problem is less acute on high alloyed steels. Problem may also be mitigated by lower rpm.
But it is not uncommon to have the initial edge problem.
See here:
http://www.skookumbushtool.com/
Also often seen on moras.