Or in other words, subjectively, weight on your body doesn't cost as much as weight you're hauling whether on your back or on your bike.
Nope, I can't explain it either, but I've got over 3000 miles hiking/backpacking and it holds true. Can't measure it, didn't try, but I can assure you that feeling worn down is roughly equivalent to being worn down. Getting a pound of weight off your back and into your belly (or the reverse when you fill up with water) is noticeable.