Having this value NOT checked by default I can see only being a big problem for someone. This should be selected by default to err on the side of human error. Since this is a function that can change data unknowingly. An example would be someone using a prior template that had columns in it with blank data and forgetting to delete the blanks before import. Or, a long import file where some calculations or formulas were used which produced no result (blank cells) and may have been overlooked. If a user accidentally missed seeing some blanks for an import of data for existing products, they would be deleting the values in the database. This suggestion comes from experience with import overrides.
With this option being checked by default, the worst case scenario would be existing data they may have wanted to be removed was not. As opposed to deleting data unknowingly.

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Hi Jim,
This is an existing feature request which is currently in progress. We will keep you in the loop about any updates this may have!
Thanks,
Jess
Great suggestion, might I go even further for "Import Type" also to be "update existing" by default or make these default settings available to control to admins. I'd need to retrain my muscle memory but I'm happy to do that :P
The last PIM application I used was Agility. Their belief was that if you wanted to delete some data that already existed, it had to be intentional. If you wanted to remove an attribute value, your import file had to have <NULL> in a field for it to remove any existing data. This way, there was no confusion as to the intent of your import data.