And it's not just .io, there are a bunch of other ones as well, things like .sh for Saint Helena, and .ac for Ascension Island. The more you look, the worse it gets. There are some exceptions like .tv, which is for Tuvalu, but funds from .tv actually go to the people of Tuvalu and are used to fund things on the island like their "Future Now" project, which provides mitigation plans for infrastructure and maritime boundaries affected by climate change.