Its called the Free Market.
Bidders set the price. If you bid more than you were willing to pay, its your fault. A snipe bid only wins if its higher and doesn't allow you to bid any higher. I would think someone using a shill bid would place it with enough time to allow others to raise their bids. The seller has no way of knowing what your maximum bid is.
It cost way more when it was new, however, since its out of production and used, its whatever someone is willing to pay in a given place at a given time.
If it works, you will be glad to own one.