Yes I used to defend Coinbase all the time using the exact same logic you are using here...
In fact I did it just last week in a couple of Tweets.

However it is a known fact that price declines when Coinbase goes down... to the point that now liquidity providers will just auto dump the market, frontrun, and make the dip even worse when it happens. There is now a financial incentive for this to happen if Blackrock owes X Bitcoin to their clients at Y price and that price is lower than the current price and they'd be forced to take a loss on the trade.

The vibe at this point is impossible to ignore. Coinbase should be apologizing profusely about dropping the ball once again and scrambling to correct the situation, but instead we get an, "Oops lol trade responsibly bro." It is no longer acceptable that a corporation that secures a dozen ETFs continues to act like it's fucking amateur hour in 2017. This has been happening for 7 goddamn years. Binance never had these issues and they crank out way more volume with a fee that's x5 less than Coinbase. And would you look at that now Binance is captured by American regulators when it's not even an American company. It's crazy.