IMHO this distinction is only true because of the different 'jurisdictions' involved. Inside each separate building the NEC gets applied separately. Between buildings the power company rules apply. This results in a legal requirement for multiple connections between the electrical system neutral and the grounded metal water pipes.
If the entire electrical system starting at the utility transformer were under the NEC, then this would all be 'objectionable current'. If this were all under the NEC, then 'service drops' would have a separate neutral and EGC, and the bond would happen at the transformer only. But these are not the rules that govern the entire system.
-Jon