I certainly understand the 7/10 rule...

...and I am OK with this exactly because of what you point out. However, making your FTs is part of being a good basketball player, and if the other team knew fouling the other team was unlikely to cut into the lead because everyone is a good FT shooter, they wouldn't be so inclined to hack away.

To add, I'm also OK with the 7/10 rule because without it, a team using the strategy to continue putting teams to the line for 1-and-1's extends the game, often times unnecessarily. Not only is it a parade to the FT line, but it's also a way to turn a 1.75-2 hour game into 2.5-2.75 hours.