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@Yemble
It's a convenient arrangement between the vendor and the buyer (usually a landlord or building manager). The buyer pays next to nothing and provides no security but appears to be "doing something". Both are to blame though I think it starts with the seller: something like that shouldn't be marketed as being in any way secure. Then the buyer wouldn't be able to say they're providing security.
You know how inflatable pool toys have a warning label like "This is not a flotation or life preserving device.", bike stands like that should have be engraved "This is not a secure locking point" so there's no misunderstanding or room for excuses.