What an interesting thread. I went out and took a look at my
M59 this morning. I expected to see something like your speculations....something familiar to a US design mind. Something hopefully better made than an add-on Wood's loader because those are add-on's for farm tractors and this loader was deliberately designed as Kubota's entry into the the construction machine market. So they would be expected to assume that the loader would see somewhat higher stresses and lots more repetitions.
Looking at our
M59, I can see that these upper loader arm pivots are NOT "welded on tubes"...nor is the piece a "blank cut on a horizontal bandaw". Arm pivots made like that would be appropriate for a lower stressed farm loader. But here we have a cast and machine-bored end piece that is welded (nicely) onto the end of the arm. It even has a boss especially cast as a place to drill and tap for a zerk. The problem - other than the unused zerk boss being in the wrong place - is that the cast piece is only 2.75" wide whereas the loader frame mounting space is 3.75" wide there. Why? The cast piece could easily have been wider....there's sure room for it. As it is, the cast pivot piece they've welded on is narrower than the arms themselves. All in all, that cast piece looks suspicioulsly like it was borrowed from a smaller loader - right down to the unused zerk boss.
Here's a couple of photos: