They're running a fair bit of math (probably Reed Solomon matrix multiplications for error correction) over all the data accesses.
Given the bandwidth of 60+ hard drives (150MB/s per hard drive x 60 == 9GB/s in/out), I'm pretty sure you need a decent CPU just to handle the PCIe traffic. At least PCIe 3.0 x16, just for the hard drives. And then another x16 for network connections (multiple PHY for Fiber in/out that can handle that 9GB/s to a variety of switches).
We're looking at PCIe 3.0 x32 just for HDDs and Networking. Throw down a NVMe-cache or other stuff and I'm not seeing any kind of small system working out here.
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Then the math comes in: matrix multiplications over every bit of data to verify checksums and reed-solomon error correction starts to get expensive. Maybe if you had an FPGA or some kind of specialist DSP (lol GPUs maybe, since they're good at matrix multiplication), you can handle the bandwidth. But it seems nontrivial to me.
Server CPU seems to be a cheap and simple answer: get the large number of PCIe I/O lanes plus a beefy CPU to handle the calculations. Maybe a cheap CPU with many I/O lanes going to a GPU / FPGA / ASIC for the error checking math, but... specialized chips cost money. I don't think a cheap low-power CPU would be powerful enough to perform real-time error correction calculations over 9GBps of data.
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We can leave Backblaze's workload and think about typical SAN or NAS workloads too. More I/O is needed if you add NVMe storage to cache hard drive reads/writes, tons of RAM is needed if you plan to dedup.