I just dissected an orbital sander recently and I was expecting to find just what you described; an offset bearing. Guess what I found?
An offset weight. Yep, that's it. motor shaft with an offset weight on the end of the shaft. A really, really big cell phone vibration motor. It's not actually moving the pad in relation to the palm piece. The whole thing just rattles away in you hand until the bearings or your hand joints fail. In my case it was the bearings.
This was a cheapo Black & Decker sander, maybe nicer ones are built better.