Exactly. What's the point of using an escrow with those terms?
No real use to be honest if someone really has intention to scam others. I always wondered about the way ebay deals. Someone can use the same idea and can fool ebay resolution. But I don't think there are many people who have intention to scam others. There are one or two in a million and they give the bad name.
On eBay sellers are typically taking the bigger risk - the buyer can make false claims about the delivery or the item's condition, and most of the time eBay would side side with buyers, plus there are PayPal/CC disputes. However this risk exists everywhere in online sales and the sellers are basically expected to eat the loss as the cost of doing business.
However most eBay items are nowhere near $50k. IMO items of such value should be reshipped by the escrow. On less valuable items that make no sense to be reshipped the escrow should make it very clear how they will adjudicate disputes, e.g. is tracking sufficient to prove delivery, etc. There is no way to eliminate the risk completely but all sides should have the correct expectations at the start of the deal.