Some pretty useful info here so far.
My impression is that any lubricant in contact with a seal will have a tendency either to harden and shrink it or to soften and swell it. By shifting the balance slightly to the latter the HM oils are able to provide a needed improvement in the function of seals that have spent most of their lives in contact with lubricants that tend to promote the opposite, and in many cases their function can be substantially renewed.
I don't doubt that the seal-swelling function could be over-done. Just spray carb cleaner on some critical gasket to see how quickly you can make a rubber part swell into uselessness. If you're careful, though, a quick dousing of carb cleaner is an old trick to get something like a hardened o-ring to work like new again, often for a good long time.
Yet notwithstanding the fact that over-doing could theoretically happen, I tend to think that the HM oils are just enough biased to the seal-swelling side of the chemical continuum to keep seals good and juicy and healthy pretty much forever, if anything correcting a minor deficiency that has always been present in ordinary oils.
That is predominantly speculation on my part, perhaps with a little bit of basic understanding thrown in, but I haven't seen anything yet that makes me think to question it.