They probably saw it, but half the problem with BIN options is that once a person wants it, that's it. Most auctions thrive on the fact that people hate to lose, and common sense goes out the window. With a BIN, unless it is insanely underpriced, a lot of people are afraid to take the plunge because they think they'll find it for half what they paid next week. They reason that if it was that great a deal, someone would have bought it already. When it runs in full auction mode, you can see 5 other people want that card so a lot of people convince themselves it's worth more than it is.
I was at an auction years ago, probably 1994 or so. Long time dealer/promoter was auctioning off his collection. They advertised the lots and had lists available a couple months in advance. I looked it over, and there were a few lots of traded sets, Topps, Fleer, Score. I didn't have any in my collection at the time, mostly due to the 82-4 Topps being $100 sets for so long when they were getting hot and me being cheap. I bought the Topps lot, 81-88 (no 1982), outbid another collector. Then a lot of 89-91 came up, won that lot. 87-90 Fleer, won that lot. 1986 Fleer came up and it started at $1. Got to $20 and the other guy blurts out $50! I wasn't going that high, so I stopped bidding. We were chatting at the cash out line, and he said he was glad he won that one, since I outbid him on so many others. I explained I was just filling holes in my collection and the lots were going for decent prices, a little below most sell prices, but I couldn't bring myself to pay $50 for the 86 Fleer. He told me that was about market value, I told him it was quite a bit above market. He said I must not be current on my market values. I walked out the auction room door to a dealer I knew sold those types of sets, the other guy was still beside me. I asked the dealer what his price was on 86 Fleer updates, he said $30, I asked if he'd take $25, he said sure. The other guy called me a name that sounds like glassbowl and stormed off.
