Agreed.
I saw one recently where the cyclist shouted out something like, "ON YOUR LEFT!" and all it did was startle the crap out of a jogger who spun around into the path of the bicycle. Luckily just a close call. That cyclist's "warnings", with no time for pedestrians to react properly, were really just a game of Russian roulette. (And really rude, as you say).
Unfortunately in many jurisdictions it is legally required to do that when passing a pedestrian.
Shouting that while traveling too fast is indeed incorrect, but a polite "on your left" or bell while traveling an appropriate speed is considered good behavior to avoid surprising pedestrians.