Why has it become an industry standard for logos to redirect a user to a website's homepage?
Where was this first seen?
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This practice dates back at least to the earliest days of image hyperlinks. For example, the Internet Archive's earliest snapshot of Yahoo's home page from October 1996 has a clickable Yahoo! logo.
Originally, hyperlinks were used primarily to denote semantic content elements which a user could follow to a related page. The logo for a company is similar to the name of the company or a person: it has semantic meaning. So for the same reason it would make sense to hyperlink a key person's name or a company's name, it would make sense to hyperlink a logo.
Why hyperlink to the home page rather than a page about the company? Because the user is already on the Company's site so there is a need to figure out what the likely intent of a user is. Since the user could be visiting any page on the site with any context, the most reasonable destination for clicking the semantic logo element is the company's home page: by design, a default starting point for any visitor to the company.
Going "back to home" is a very common interaction for users browsing a corporate website. At the same time, an extra home button may be undesirable or awkward to place on a site for various reasons. Since it's usually desirable to keep the company logo on most pages on a website, it's a common design choice to use #1 and #2 above to use the logo as the home button for the site.
It's become standard because everyone does it.
Everyone does it because it's nice to have a 'home' link but it's not something that needs to clutter the menu, either. Hence the idea to just make the logo link to the home page.
Not sure if anyone can answer where this was first seen. But I recall doing it close to 2 decades ago so I think its been around for a while.
The existing answers claim that it is done merely because it has become a self fulfilling standard. That may be partially true but neither are UX answers and they miss out why it is intuitive.
A user often clicked on a site logo to get to your site, so it is consistent and makes perfect sense for any click on the same logo to take you back to that same entry point.
It is specifically the name and concept of 'home' which is a construct that will be unfamiliar to new users. To many people the homepage is the page that opens up in their browser (google?) and has nothing to do with your site at all. It is that concept/terminology that causes confusion and should be avoided.
I believe the simplest answer to the primary question is based on the following logic:
It's desirable to hyperlink anything that can logically and unambiguously be linked in the context.
Therefore I would say it is no accident of 'self-perpetuating' effect. The two points above lead directly to the common practice.
Which is largely what @tohster said in his point #2, but I don't see why points #1 and #3 necessarily need to be invoked to explain why it is standard.
Your question contains answer in itself because of word 'Navigation'
When a user views a website and wants to go to the home page there will have to be a link to the home page. If the website LOGO is not linking to the home page then the user will have to select a "home" link on the Navigation bar.
Users familiar with Big Brand sites are already comfortable with this technique. It totally depends on you whether you want follow the same convention followed by world