Hub centric

Simple, the bore of the wheel is used to locate itself hypothetically concentric to the spindle hub i.e. wheel bearing axis. Lugcentric uses the lug openings to locate the wheel on the same premise.

Guess which is easier to control in manufacturing with an acceptable tolerance and make for a safe and acceptable assembly with a wheel, spindle, wheel bearings, hub, rotor or drum, and possible a drive axle and you have 4, 5, 6, 8, 10, 12+ lug studs or lug bolt holes?

So it's not paranoia, it design for manufacturing to achieve a easier to control, manufacturing wise, outcome.

This is all ignoring thermal, shock, any other feature control like flatness, parallelism, and variation of tolerance amongst parts, material indifference, etc. In other words, I'm leaving a lot off the table on the design and manufacturing aspects.

Now, being hubcentric allows to loosen the hole size and locations of the lug holes in the wheels and the misalignment you refer to is made up by minor deflection of the studs. The conical seat again is an easier feature to control to torque against and not have a tight tolerance hole and lug shank and control their positions too. Hubcentric spacers are used by aftermarket rims manufactures to adapt to multiple hub sizes.