(Before everyone jumps all over me, let me say I don't like reserves, as a buyer and a seller. I have never had a reserve auction as a seller.)

Ebay does this on purpose. Before the end of the auction they like to show the bidding as low as possible (show the high bid as a small increment over the 2nd high bid) if the reserve has not been met. They do this for the reason I said before -- to create excitement and to encourage more bidding (hoping for a miracle).

After the auction is over (and the reserve has not been met), they leave the bid history as it was. Maybe to discourage unofficial non-commission sales where they can't make any money. For the seller is less likely to contact the high bidder if it appears to be a very low bid.

Incidentally, other on-line auctions (Amazon ?) do not even show any of the names/addresses of the bidders if the reserve is not met.