GoDaddy Domain expired and now in an auction — but it's not a valuable name?

We have a domain name that expired: long, specific domain name that is only suitable for this singular application (a physical location in a fairly unpopulated area, for a business that has no nearby competition) — yet somehow it's getting bid on by dozens of people and the bid price is 20x+ what it's actually worth.

Has anyone experienced this? I can't believe anyone else genuinely would find any value in it, given it's incredibly high specificity. It seems like GoDaddy must be running some kind of racket with their auctions.