Log review is done for every single project at my workplace too (Walmart Labs). So I don't think this is a novel idea. And it does not stop there. Our workplace has a security risk and compliance review process which includes reviewing configuration files, data on disk, data flowing between nodes, log files, GitHub repositories, and many other artifacts to ensure that no sensitive data is being leaked anywhere.

Any company that deals with credit card data has to be very very sure that no sensitive data is written in clear anywhere. Even while in memory, the data needs to be hashed and the cleartext data erased as soon as possible. Per what I have heard from friends and colleagues, the other popular companies like Amazon, Twitter, Netflix, etc. also have similar processes.

For whatever its worth, I do security assessment (pentesting and the like).

Checking logs for sensitive data is a routine test when given access atleast.

Being given that access is disappointingly not routine though.