There is plenty of evidence that /usr used to be the home directories, iirc it was like that in Illumos until 1988.
Edit: Evidence for "user": https://www.youtube.com/watch?v=tc4ROCJYbm0#t=13m40s
Also the idea that everything has to go into a flat /bin directory is nonsense too. My experience is chiefly with illumos, but we have inherited a number of separate trees for compatibility with different standards; e.g., /usr/xpg4/bin had some POSIX binaries where they were incompatible with the default /usr/bin binaries. There were also SunOS (BSD) compatibility binaries in /usr/ucb for a long time. Commonly different JDK versions could be installed alongside one another under /usr/jdk/$version. Unbundled software from many other places would find its way into trees in /opt. Even shared libraries can be installed alongside one another without conflicts, provided you do the right thing with ABI stability and sonames etc.
I have no doubt that other OSes have made a set of similar decisions to provide various levels of binary compatibility and evolution over time, depending on how important it has been to their respective user communities and customer bases.
/usr was the mountpoint for the second drive, where the home directories were. Dennis and Ken started putting binaries into /usr/bin because /bin on the first drive got too full.
See the famous /usr rant by Rob Landley.