Looking at the way this cam is balanced it appears that it has been balanced "dynamically". Dynamic and static balance is different. If the cam is balanced by the factory, for a set rpm value, it will be smooth. The other thing with the balancing is the other spinning masses. Piston, crank, counter balance. A single cylinder engine produces different vibes from say a v8, so different balancing methods are used.
I am an aircraft tech by trade, working on gas turbine and piston engines with and without propellers . When you balance a 6 blade 4 blade, 3 blade or 2 blade prop or a turbine disk, they are all done dynamically. They all are balanced in a different manner, the weights are all in different spots, and when compared to static balance, they can vary significantly.
The cam you have showed has a moving weight, so this will change both the static and dynamic balance. So if this is how the cam has come from the factory, it is oprobably set right for the use it was designed.
This is my opinion, but it could also be wrong, but the idea is now here