You have missed a few points:
1. After the credentials are assessed by the IOBP, beside either the long or short program offerings, many are told that they do not qualify and are unable to do the IOBP.
2. Dr. Freddo and Dr. Cooper are employees of the University of Waterloo, and regardless whether the IOBP exists or not, they will maintain their salaries.
3. Before the IOBP existed there were foreign applicants claiming to be Optometrists that were allowed to write the CSAO without a bridging program or extensive acedemic credentialling because the Ontario Government insisted that they be able to write. There were foreign Ophthalmologists licenced as Optometrists under this model. Consequently, a program such as the IOBP was a natural way that Optometry could assess credentials, and help those who had good qualifications "bridge" to Optometry in Canada.
4. Before the IOBP, UK grads could apply through Newfoundland and Labrador without doing the IOBP and directly write the CSAO. Then, once licenced, through the portability legislation in the AIT (Agreement on Internal Trade) could apply for licence in any province in Canada anyway. (They do very well on the CSAO, actually better that Puerto Rico grads that come from a ACOE school!)
5. Unfortunately, there are Waterloo grads doing "eye examinations" who only do refraction and not assess the fundus as well.