Well, if it it's packed incompletely (incompetently), the bubbles left behind shrink on descent, allowing sea water to enter.
My Atomic is on its third year since service. For fun last year, I removed the boot and there were no gaps in the Tribolube showing in the environmental holes.
My Mk 10 with a homemade boot is on its fifth year since service. Maybe to answer this "tech's" belief, I should open it up and post pics. It's the reg on page 2 of this thread.
Yes, it's prehistoric - Scubapro stopped doing that in the early 80's. Doesn't make it wrong. Yes, you can't mash on the environmental seal and squeeze out lube and expect it not to suck in a bubble. Yes, there are dry seal designs as noted above that you can be a little rougher with.
But if you're a piston guy...if you like the quality of Atomic...if you are blown away by their second stage, then hey! Here's an EASY way to make your reg last as long as my 30 year old Mk10.
Extra service cost? An extra $60 every three years? Not much of a price to pay.
My $0.02