No, that's not correct.
Obviously, being the one that this happens to sucks big time. There is a huge difference, however, between "50,000 people a year cannot fly on reserved tickets" and "500 people a year cannot fly on reserved tickets".
The point I'm making is that this isn't a one sided move by the airliners. This has direct impact on you. If they cannot overbook by 10%, then your tickets will be 10% more expensive.
The anecdotal evidence here is that this happens at a higher frequency than I was aware (then again, all such evidence came for ACs). Let's assume that this is right, and I'm wrong. It's easy enough to solve. Just sue the #@%!)@# out of the bastards. The formula they use takes the expected cost of being wrong into account. If the cost of being wrong goes up, the airlines will organically overbook by less, and you got your wish.
I'll re-iterate: It sucks to not be able to make the game because of overbooking, but it also sucks to not be able to make the game because of bad weather, strikes, mechanical failures or bad traffic to the airport. If each of those, individually, are more likely than missing a game because of overbooking, then the "sucks" part is somewhat irrelevant.
I get it that this is a particularly infuriating reason to miss the game, as it was done on purpose. Still, the alternative cost is to pay more for tickets.