I think another factor is that she hasn't developed all that much over the years.
She's still shy and timid, even though she's still as serious as ever. I don't recall any serious change in personality from her.
Azusa developed a lot more. She learned that it's okay to have fun while still being serious (more than Mio at the very least). She started caring a lot more about her friends in the LMC, even if she's not willing to admit it directly yet.
I wonder if Mio was merely just fanservice from the start and was never really meant to get a whole lot of character development.
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