As heuristics, for familiar cases, these cognitive biases are acceptable; Why would you expect chaos from that, instead of expecting suboptimal results? And yes, we definitely see suboptimal results.
I guess it depends to how detached from reality the average choice is when affected by these biases, and obviously it's not worse than suboptimal as you said, otherwise we would not be getting anywhere. I guess just viewing that large number of biases made me feel like we're lucky to get through the day, let alone make progress as a civilisation :)