I agree with this opnion but the only reason why players are using it is because they have the power to use it and almost everyone else does it. Its just about following the others sadly...
this rule gives sellers ofc alot of power and advantages and thats why it will mostly be used by many players on auctions. But this not the same for potentional buyers indeed . For buyers like my self its indeed not worth bidding if i know they will propably cancle it anyway.
Removing this rule will cause alot of discussion because many will complaint that they are forced to sell even if they dont want to.
A best solotion is just adding a min price you want for it at the start so you dont have to cancle it and not have to use this rule due to low offers since the start was already near the price you want.