Is this not an acceptable solution?
Is it done a lot? yes
Are there a lot of safety problems reported or even a few? not that I know of
Is it code compliant? I don't know but leaning towards NO, not strictly compliant. The code requires the fixture to be "directly under the receptacle" and I don't think a string of these extending to a second fixture is that. I would only note code development is a slow, methodical process and I'm not sure this type of fixture - especially with feed through - has been around long enough to get attention. If I had to guess, sometime in the next several cycles it will be addressed. Seeing that the fixture is listed (UL or other NRTL), and absent significant reports of it being a hazard, it will probably be accepted, with the "cord being visible" emphasized. But that's a guess.
So is it acceptable to you and me? Yes. Is it acceptable to a building or fire department? Some at least.