Wow, so many responses!
But clearly there are some misconceptions.
First, I am a tire engineer - retired. At one point in my career, I interacted with Ford Light Truck Engineering in Dearborn. It was there that I learned about off-center boring.
And perhaps off-center boring is a misnomer. It's quite possible the center bore (and lug holes) are used to machine the rim flanges off center. I do not have direct knowledge of wheel manufacturing processes, so can't comment on how this was done.
Tire uniformity and tire balance are 2 separate things. We are all familiar with tire balance, but tire uniformity is a bit obscure and not well known. Google "Tire Uniformity".
Greg Locock confirms both the existence of off-center boring and the timeframe I remember it from. Thanks, Greg.
Given the improvements in tire uniformity since then, I strongly suspect off-center boring isn't done nowadays. I am seeking confirmation of this. I want to be able to point at the past practice of matching the tire high point with the wheel valve hole and say with confidence that this isn't how things are done nowadays - with a story as to why this is a thing that is still present on the internet.
And just an FYI: There isn't any commonality about marking the high point of tires - both from OEM's and tire manufacturers. And I have done a brief survey of car dealers and it's also clear there is no commonality as to how the wheel low point is marked and it's not at the valve hole.
And just to complete the picture: Here's my webpage of Tire Balance, Uniformity, and Vibration
Link It was written 15 years ago and I want to update and reorganize the information presented.