Why does eBay allow sniping?

5 hours left on this auction (I'd give you the link, but then you'd bid against me!) and I am sweating bullets. Why? Because eBay is a jackass. Or eBay are jackasses. Look, eBay behaves jackasserly. With great jackasseritude. How? They end the auction at a fixed time.

I get what they're trying to do: create the atmosphere of exciting bidding by letting people know when to come watch the end of the auction.

The problem? They haven't attracted people, they've attracted computers. People set up auto-bidders that wait until a fraction of a second before the auction ends and then bid it up. This destroys the "thrill of the bid"

So, honest question, why does eBay let this happen? Here's my proposal: if a bid comes in with less than two minutes left in the auction, the auction gets extended for two minutes. Bam, no worrying if you'll get beat without the chance to respond.

This would take off the pressure to bid "in secret" and have to wait until the end.

So... what's the deal, eBay?