The fact that it continued to be the default past Windows 98/ME/2000, when problems caused by it were widespread, baffles me though.
I can't find a source to find an exact reason though, and given it's been a thing since 95, there might not been one out there.
It was still a default on some Windows 10 installations I've made, so it's still around (can't confirm 11, since I haven't installed that for myself).