While I don't disagree with the scenario that stanier presents, I wouldn't classify that as overthinking, rather I would postulate that it is not thinking at all. Moreover, I'd call it brainless.
And I have been a victim of it, and have been guilty of deliberately undersizing equipment, pumps included, because I knew that some anal superior was going to brainlessly add his/her "fat" no matter what was done in the initial sizing.
The bad scenario is when there are several steps up the approval ladder and everyone up the ladder adds some "fat" because they don't have the ability to think through what the engineer has (or has not) done with respect to doing their job and sizing the pump correctly in the first place. Because of this fubar, as an example, while not a pump per se but closely related, I have seen actuators with 3" output shafts coupled to driven devices with 1" input shafts. There is a mismatch. Someone added too much fat somewhere and I hold that that is brainless.
rmw