PDF is an atrociously bad format, and I don't know what "multi-hundred page PDF loads in the blink of an eye" for you but even a 100 blank page PDF takes nearly a second to fully load on my beefy rig (I did the test a few months back to prove a point). [Edit: Other commenters made the clarification below, but single page render time is not the same as document render time]
Clearly extracting text from a PDF is nearly as difficult as extracting it from a photo. Digitally extracting information from PDFs in general is awful, which makes the format awful for the various things it's used for.
Not to mention that many uninformed users today still install the garbage / malware PDF readers such as Acrobat because they don't know any better.