Yeah. I noticed after I posted that yesterday day that the ladder that is fed through the ratchet still hangs out there, but it doesn't bother me that much since they follow the contour of the boot. Though I see what you mean. I have a medium size pair and put a salomon 9.5 reduced footprint boot in them and with the straps centered there seems to be a lot of excess for a boot that is at the edge of fitting the binding. I wouldn't be surprised if the straps are the same size on the larges as well. However, when I look around at other bindings on the mountain, I see a lot of excess ladder length as well.
I've thought about cutting the excess a few times now because tucking it in does weird things to the toe strap.