What is the design rationale behind /sleep?

[Loriel]

The /sleep command seems way overpowered.

It provides means to heal to full health at no cost, obsoleting all kinds of items that might restore health, and the bomies' ability to consume bombs for health. Combined with pausing, it essentially guarantees that no one will die in pvp ever, making a playerkiller's job unecessaryily hard. It also makes the Bomy Moon quest ridiculously easy as you can just run through any single part of it and then try the next part with full health.

I do not see what kind of problem is fixed by the /sleep command, and why it was introduced. Someone enlighten me!