Being able to see losing bids, before the auction is over, doesn't mean anything, since you can see them at the end. It just makes it easier, with one less trip to the site.

Jackpot had it the whole time and no one found anything wrong. I think Jackpot had the right idea.

eBay still doesn't show the highest bidders, highest bid, just the current bid, which is what it always showed.

Maybe someone can explain what I'm missing?

Knowing what the losing bid was, does what to the final sale price? Considering snipe bidding and automatic increases, I don't see anything different.