Yes, exactly. The /sys/power/state api is wrong and backwards. But arguable the hardware/firmware api which it provides access to is busted as well. But plenty of interfaces are busted and we just have to work with them until well after the next-best-thing is perfected.
There is a new api which is per-device power management where the kernel is in control of everything instead of the firmware, and there is a school of thought which says we should forget suspend because both the hardware concept and the kernel API is broken - just use per-device power management and fix all the bugs.
However we still need to work with hardware that saves more power on "suspend" and /sys/power/state is the natural API to work with that. By itself is a racy API, so /sys/power/wake_count was added to make the races avoidable, which it does. Putting more work into make the API in the kernel for suspend/resume even "better" would be a mistake - the work should go to making per-device power-management work really well.
So yes: /sys/power/state is busted, but it is possible to create a user-space API on top of that which provides sensible semantics. So we should just do that rather than nagging the kernel devs to make life easier.
And I think you are wrong - as user-space solution using power/state and power/wake_count can be race free (modulo bugs). You just need to use power/wake_count correctly (see my post up-thread)
Think of system-wide suspend/resume as legacy. Yes it should work and work reliably, but it doesn't need to be pretty. per-device power states and power policy is the new way. We should use that were possible and only fall back on suspend/resume on legacy systems that require it (like .. uhmmm... x86). Android (and all others) are welcome to use suspend/resume and it should work. But they are encouraged to explore the various improvements possible with finer grained power management.