But doesn't the student athlete get something? They give their commitment to the school in exchange for a scholarship. Yes, I understand that in a select few cases, the school hasn't upheld their end of the bargain, but that's really not the norm. It's not like schools are signing a bunch of LOIs and then only taking the guys they want.
If the argument is "There is a harsher punishment when the player reneges than when the school/coach does" then I agree with you, but I don't think the solution is to allow any player out of their LOI, otherwise what is the point?