Excel Power Query CSV read somewhat slow

Reading a large CSV file into Excel's data model is somewhat slow compared to R:

Reading CSV into data model

I used some VBA code for the timing. The only thing we do is to load data into the data model (i.e. there is no Power Pivot table to create).

R does this quite a bit faster:

Reading the same CSV into R

I expected this to be closer. I think this operation should be IO bound instead of CPU bound, something Microsoft should know how to do super fast.