Well, that and sellers, who don't get a true value for their product. Goes to the guy with the fastest sniping program instead of letting the market actually, you know, determine the value.
You have made an error in logic with that statement. I will leave it to you to determine what it is. (Hint: correlation does not indicate causation)
I'd pay extra to list items with a "if people keep bidding , keep the bidding open until there's no bids for 15 minutes" option. I'd be more likely to bid on those auctions, too. One of the gun auction sites does it that way, so it's not like it's an unknown concept. "real", in person auctions do it as well, of course. The auction goes until nobody else wants to bid, not until some arbitrary timestamp.