The other half is that the equipper is protecting against specific hazards, not maintaining a constant interval.
A good bolting job is not evenly spaced. It puts protection where a fall would be bad — before a ledge, at a crux, low on the route where hitting the ground is possible — and spaces out where the wall is steep, clean and a fall is simply air. On overhanging rock with nothing to hit, a longer runout is genuinely safe in a way that the same distance above a slab is not.
So what looks like inconsistent spacing usually encodes a hazard map that is invisible unless you know what to look for. On a steep clean section, wide spacing means the equipper judged that a longer fall there costs nothing.
There is also a real ethical tradition in some areas that a route should preserve some commitment, and that over-bolting removes something. That view is contested and it is not the main driver on modern sport routes, but it exists and it varies enormously by region and by crag.