This is much more sensible than just not testing at all and letting people die from cancer.
> leaving patient scared and anxious during that time
This seems to be the actual motivation. We don't want to scare people with test results so we're just not going to test them. I think that should be up to the patient.
This is not what happens. You're assuming that if the cancer does not get detected by the screening then it never gets detected. What actually happens is that the test gives information that might actually be redundant and obtainable in less risky way. What the studies are showing is that waiting until there are other, more specific signs and symptoms of the prostate cancer results in the same survival rates.