A few years ago, I was watching an overseas auction that was going to end in the middle of the night. The bidding was still quite low, so I put in an amount before I went to bed. Much to my amazement, the next morning I'd been notified that I'd won the auction! Woot! I'd bid a high amount of $50. The end amount was $150. I thought, what the absolute eff? How could I have won it? When I went back in, somehow the decimal point hadn't registered, so I'd actually bid $5000, not $50.00.
To be fair, the item was actually worth around $1000, so I still got a bargain, but my point is, sometimes, shyte happens and you stuff up your amount. So, people will cancel their bid, and not rebid. It's not the end of the world. As others have said, it's better than realising someone isn't going to pay for the item and you have to wait X days before you can cancel to relist.
