Theoretically, then the bike should be stopping. Two cars colliding at 15 mph is less dangerous than a bike hitting or being hit by a car at 15 mph. I doubt the stopping distances are that much different (probably 20 vs 30 feet).
"in that case the stop sign should just be a yield sign."
Well, most stop signs could just be yield signs. Looks like they're doing that for bikes. Would be nice if they do that for cars too.
As I and others have pointed out elsewhere, the law hasn't changed at all what a bike may or should do when there is a car present. It only covers the situation when there is no other traffic.
Stop signs are so common in North America because they serve as "bolted-on" traffic calming, which is necessary to force drivers to proceed at safe speeds and pay attention to their environment. In addition to vehicles within the intersection, you also have to look for people crossing at the crosswalks, and dedicated bicycle crossings if the intersection is so enlightened as to have them.