The difference in yields between one nd ten is less than 40 basis points,. Over a two year period, hat difference in yields becomes less than a point. But the one year, and with a loss of less than a point you get the liquidity of cash, almost. That is a low price for liquidity, ATMs charge nearly 1-2% for typical cash withdrawals, by comparison.
Treasury is losing when it piles debt at the short end, they create liquidity for cheap for the money market funds. Market makers can keep the one year around for back up as they match deposits with loans. They do not need to hold a bunch of long term bonds with a slope that low.
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