Just another Company trying to make money.
If I remember right, they make money with their Ads. It was a service that was Hot back in the day. But like you said...now that Ebay let's you bid to Your Max and will remind you that it's coming close to being out bid.
auctionsniper was to have got into the Bid before someone else made a bid. Just before ( within seconds ) before the auction closes.
To tell you the truth, didn't know they were still around.