I read an article in a forum that I can't recall or find, that may be the answer to this issue.
First, this problem is more evident on horizontally curved sections and is absent on horizontally straight sections, such as the side of a cube.
The article had to do with computing the speed at which material is fed to the extruder (I'll call this feed rate, and differentiate it from the rate at which the head travels). It stated that because there is less material needed on the inner part of the trajectory, the feed rate must be reduced. (This theory doesn't explain why the excess on the inside isn't offset by the additional material needed on the outside of the curve. The details of the computation would be needed to understand.) This jibes with the observation that blobs are worse on smaller radii of curvature. The question is if the slicers compensate for this effect, or if there is some issue with the coding.
So what's the mechanism ... good question. On a curved section, does an excess of material build up and the SLICER compensates by periodically creating a blob in the tool path? This implies that the slicer "knows about it" but is unable to reduce the feed rate. Reducing the extrusion factor may help, but causes underfill on planar vertical surfaces of the same object.
My assessment is that this is a deep and subtle issue as evidenced by the fact that it is exhibited by several slicers. But, I wish someone would solve it, because it really destroys the surface finish. I'd be happy to help, just tell me what you would like to do. My main printer is an M2.
Rich Thall