I think in the USA playing for time is considered acceptable and a good strategy so long as it isn't overdone. It's different in the NFL though, where there is an inbuilt limit to how much you can really delay. But anyway, you're right -- I don't think it's generally considered bad, at least not anytime I've ever watched sports with friends and colleagues.

Diving though; that's universally considered to be unquestionably lame. It's never cool.