What some comments here have not mentioned is it could also be just bad/lazy programming, usually a program can only do one thing at a time and you have to do more to make it do multiple tasks at the same time so you end up with a program that can’t perform the task and update the loading bar at the same time.
While it’s true that some loading bars are arbitrary because you can’t really calculate the progress, there are some that you can likr copying X number of files or processing X number of rows in a spreadsheet.
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