It was a locally-owned system that they bought. I suspect their reason for not initially upgrading it, beyond getting rid of the local head-end and giving it a fiber feed from their system next door, was that everyone had got thoroughly disgusted and switched to satellite. I'm as surprised as anyone that they finally did anything with it, especially with T-Mobile and an unending parade of AT&T resellers (authorized and otherwise) filling in for internet service.
I'm not sure if it's coincidental that earlier this year, one of the local telephone companies got a grant to upgrade to fiber. (But they still haven't even announced a schedule. I wish they'd have been faster. I switched to Comcast. I'd love to have fiber for the greater upload speed and all the other benefits, not to mention Comcast's prices are ridiculous, but I don't really want to have to switch again in a few years.)