The biggest problem is, devs knows nothing about archery itself. The proof of my thoughts, was the patch which increased missile speed by +6 to +10 in some bows, which is just way too huge difference. As archer, I feel the difference between every single missile speed - buffing bows by 6 or 10 missile speed at one time was just crazy.
I suspect devs also don't know higher missile speed means higher damage.
We explained the decision to make the 1 slot bows have higher missile speed
several times in the past. I wanted to make the lower tier bows actually see usage, rather than only ever seeing three bows on the servers. And to do that, we created buffs that
simulated real world arrow weight differences. Unfortunately, dictating which bows can use what arrows, isn't an option, so this is what you got. I think it works quite nicely, and as urist and shik have both previously stated, is a better representation of how the actual bows would act in the real world. Also, weapon missile speed != the speed the missile moves, it is only a partial influencer.
Your last statement, in the case of throwing or any mounted ranged, isn't even true. In these cases, slower base speed allows for great speed bonuses(percentile damage increases). If we took a weapon in game right now, then buffed the projectile speed on it by 1000 times, it would still have the same damage. Sure, at a distance it would be higher, but it takes an
extremely long distance to make an impact on your damage. How do I know this? Well, I've tested it multiple times in varying ways within the last two months using the in game damage reporter that urist scripted(not to mention the fact that I already had knowledge of the mechanics causing this prior to my testing).
For my recent throwing test, I used point blank range and would-never-seriously-throw-from-this-distance-in-a-battle-server range. The difference was 5 points of raw damage and 1 point of final damage 75 raw to 70 raw. This was also with MW HTA (15 missile speed) and a mere 5 PT.