> You could make the argument that this well-understood process could be broken out into its own class/package/module and tested with its own public interface, but if there really is only one consumer then that's kind of a strange trade-off to make in many cases.

That's how I develop in general: a "component" does not exist because it has multiple-clients, but because it is a conceptual piece of logic that makes sense to document and test in isolation. It allows to define what is the public API of this component and what isn't. This is how software scales and stays maintainable over time IMO.