As I presume you know, for grounded electrical system, the NEC restricts the location and number of bonds between ground and neutral. Generally this means a single bond in the main disconnect, and no others.
However the NEC does not apply to the power company distribution network. They follow a different set of rules.
A standard utility practise is something called a Multi Earth Neutral (or Multi Ground Neutral) . This is exactly what it sounds like; the distribution system neutral is connected to Earth all over the place; usually with grounding electrodes at many poles, as well as being connected to the neutral conductors heading in to various services (thus using the structure's grounding electrode as part of the utility grounding electrode network.
Because there are multiple connections between a current carrying conductor and Earth, some fraction of the utility neutral current will flow through the Earth. As Don correctly points out, this current flow through the Earth is a significant source of low level shocks and stray voltage; not trivial problems.
By 'electrostatic insults', I mean any transient high voltages caused by the mechanical movement of charged particles in the environment. The heavy duty version of this is lightning; however it is very common to develop extreme voltages with very little charge (and very little total energy) simply from stuff moving around. Helicopter blades moving through the air can develop a significant fraction of a milliamp of charging current, for example. The energy in these transients may be quite small, but it can damage insulation.
I contend (but cannot prove) that the MEN (MGN) system would reduce the impedance to any such transient events, thereby helping to maintain the conductor insulation system. It is an open question if the benefits of MEN actually outweigh the very real problems; however it is the installed system, and not likely to change anytime soon.
-Jon