Text contrast multiplies with the monitor contrast, which then multiplies again with eyesight quality. The high contrast requirement is to make it readable for someone with poor eyesight on a low-quality monitor...
Which then makes it downright painful for someone with regular eyesight, who sets their monitor to high contrast to improve photo rendering. Grey-on-grey is the only website design that doesn't make me immediately back away.
Why don't they just use high contrast? Why is readability so unfashionable?