They maybe would if it was a real glitch. The only thing that attaches your hand with your opponents hand is the grabbing sphere thing if you grab in a special way. If this happens, toribash will give this sphere thing to the player who grabbed first, if this was at the same time, the left hand grabbed first. If this player ungrabs, the only thing that connected the 2 hands is gone and boom, so called grab glitch.
I personally don't consider it like a glitch, I like to use it too, you just need to get used to it.
If the devs would ever want to get rid of it, they should make it possible to have 2 of those grab points at 1 place, which is now impossible.