I think the question of fungibility comes into play here, too. If I’m a HFT and I accidentally post a too-high bid for Anacott Steel then there are well-capitalized players in a position to sell me a whole lot of Anacott until I lower the bid. (They may even be other HFTs who can naked short it to me.) But if I’m an iBuyer and post a too-high bid for 742 Evergreen Terrace, only the Simpson family can hit that bid, and only the one time. If I’m systematically overbidding, then that’s bad, but not every counterparty is informed enough to take advantage (or willing to stomach the considerable transaction costs), and there’s not a well-capitalized player to step in and arbitrage away the difference.