"If everyone placed their maximum bid they could do so at any time they chose and the end result would always be the same."

True. That's not how all people bid.

"with a bid of substance showing on the auction early on that could well put anyone else off from bidding"

If I'm the only bidder, I get it for openers. You don't know how much "substance" my bid has until you try to outbid me a half dozen times. The truth is, interest attracts interest.

Everytime you see the same bidder bid two or more times in a row, you can bet he would have stopped with the first bid if it had put him on top. I don't make the rules. I do know how to play the game .