You're correct. That feature can be (ab)used that way.
//Edit:
But delegation is not able to change at will. One can cancel a delegation at any time, but to prevent abuse, she only can re-use that SP after 7 days.
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That's better. There is a 7 days buffer between the delegation and potential re-use of that SP. In this case, the attack surface is significantly smaller and a mega-whale can be formed only every 7 days. Still vulnerable, but at a smaller scale.
Thanks for clarifying this to me.