ETL processes are heavily I/O bound, especially when you're trying to shuttle data from one enterprise system to another enterprise system. It's also common when the culture of data exchange from the regulator all the way down to the companies doing the actual work is batch processing where large amounts of data are shared once a day as opposed to real time. Excel spreadsheets are the norm, not the exception. Requests for data to be sent over via XML or JSON are mainly because my employer wanted to make it easier to process the data ourselves, but the regulators actually expect spreadsheets.

Most of the stuff I work on is almost exclusively network I/O bound. I wouldn't say it's a _result_ of bad engineering practices, though. One group decided on a particular system that's also public-facing, and the group I actually support prefers a more internal-facing system. It also doesn't help that the budgets for both projects are completely separate and firewalled from each other by law. Growth opportunities don't apply here because I deal with a captive market with legally-forced customers.