More like left dangling for us to hang ourselves.
That's not what a contact approach is. A contact approach is a clearance given in lieu of a SIAP which allows you to make your own way to the airport when you have the ground (not necessarily the runway environment -- I could start a contact approach here at KSBY with, say, the Purdue feed plant or Shorebirds stadium in sight), there is weather reporting with 1 mile vis or better, and I can remain clear of clouds with 1 mile flight vis all the ways to the runway. The bad news is that once you start a contact approach, you have no "outs" -- there is no missed approach procedure, and if you fly into a cloud or just lose sight of the ground, you, like Zack Mayo, "got nowhere else to go."
And as has been pointed out, the biggest problem with a contact approach is getting to where you can see the ground so you have a starting point. I've done maybe four of them in my life, and probably three of them were bad ideas. The only good one was a case where as I flew over the airport to start an out-and-back VOR approach, I could clearly see the airport and its environs from 2000 AGL through a SCT-BKN deck. Requested and received contact approach, circled down, and landed.
Further, on a circle-to-land maneuver off a SIAP, you are not authorized to leave the circling MDA unless "The aircraft is continuously in a position from which a descent to a landing on the intended runway can be made at a normal rate of descent using normal maneuvers," and circling at 10 feet AGL ain't no "normal maneuver" -- not even at 100-200 feet.
BTW, I don't think you'll find any circling MDA's much below 400 AGL. In this case, it appears from the available data that the pilot pressed well below published mins before he broke out, and then finding himself in a position from which he could not land straight in, commenced a CTL maneuver well below the circling mins. If you're going to take anything away from this event, it would be that CTL is a lot riskier maneuver than a lot of folks understand, and should not be attempted without significant preplanning and area study, and definitely not on the spur of the moment when you break out and find you can't safely complete a straight-in landing.