I think that most industrial and commercial electricians would agree with you, and I too always recommend the installation of an equipment grounding conductor, because of situations like this one, and on rooftops where connectors are pulled loose because of physical damage, and loose connections on EMT.
Actually, most machine shops use a water-based cutting fluid these days. While code requires that materials be suitable for the environment in which they're used, it doesn't spell out that you have to consider corrosion- so this is something often overlooked. Nor does the code address maintenance issues; this picture, like many others on this site, shows the effects of time and abuse on the installation.
On the plus side, modern electronics -such as those that control machines- often won't work right if the ground is poor. This may result in better maintenance (I hope). Too often, the installer is the last competent party to see the machine, until something breaks.