There is indeed a (rarely exercised) chance for site owners to get back at "malicious rightsholders"; however, there is no real accountability for hosting companies, which are then free to "err on the side of caution" (i.e. quickly pull as many plugs as possible to avoid a costly lawsuit). This should probably be rectified: hosting providers should be held accountable for unwarranted terminations as much as they are held accountable for hosting illegal content.
One could say that "the market will hold them accountable", but looking at the increasing frequency of this sort of takedown shenanigans, I'd say that's a naive view.