Is this an accepted practice, or is it as bad as my instincts tell me?
The example you show is pretty common/accepted practice, in my experience. In particular, non-native speakers often copy such statements. It's easy to see why.
I'm not sure why you judge this as "bad" though.
Unless extremely strong skills in original written English were a clear requirement for the position, I don't see anything bad here at all.
For me, this statement is pure fluff anyway. Even omitting it wouldn't be a problem for me when I'm reading a resume. Pasting in a good statement about the company which was copied from their website would be just fine - as long as it didn't waste too much space on the page.
For me, I don't consider pasting in a company statement as "plagiarism" any more than I consider pasting in the company name or address as "plagiarism".
Your mileage may vary. Perhaps for the position you are attempting to fill it would be important for the applicant to hand-craft the statement about the company. That's never been the case for any positions I've tried to fill.