the fact is that this is a terrible feedback loop, because every time you started late, but manage to finish on time, it is reinforcing the idea that you're "good" and can manage it even if you start late! This self-reinforcing condition makes you later next time, but because of your capability, you still make it on time.

But at some point, you either stop procrastinating as you find the absolute limit, or fail outright (which is why survivorship bias exists if you look at the student body and see the amount of procrastination).