Another aspect of this problem is that the network is too hesitant to drop packets [1], so by the time you've noticed packet loss things have gotten bad enough that the drastic backoff is needed. Widespread deployment of ECN and AQM would allow for more rapid feedback before any huge backlog develops, and consequently a less extreme response to congestion signals could be used.
[1] Arista would rather their 10GbE switches add up to 100ms of queuing delay per port than drop a packet: https://lists.bufferbloat.net/pipermail/cerowrt-devel/2016-J...