Why Bid on Terms For Low Positions?

[MrSpeed]

Poking around I see people with bids on terms in positions 50+.

What's the reason for this? Are they just hoping to be bottom feeders and hope for the occasional click?

Or is it just people who have power posted and and have happened to end up in high competitive terms?

[sem4u]

They are probably hoping for the occasional click at the minimum bid.

[onlineleben]

and if you have good ad-copy they could get better CTR than someone who bids higher and therefore is in a higher position.
AFAIK the adwords position is a product of CTR and max. bid.

[Brett_Tabke]

They could also want the AdWords on a page where their own listing is at.

[martinibuster]

Believe it or not, some searchers will click to the 6th page of the serps looking for what they want.

Some folks, when searching, skip straight to the 5th page of the serps in the belief that anything on the first pages are all spam.

[Craig_F]

they could also just be prepared. the landscape can change quickly (bids, no bids, position, price, etc) if they are not there at all they could miss out on future changes that could be to their benefit.

[MrSpeed]

They could also want the AdWords on a page where their own listing is at.

Is this tounge-n-cheek?
Would there be some strategy for this?