I might be in the minority here, but I don't have that much of an issue with the tactic. There's still significant gamble in it - all those players providing a block are out of the game if the chase do get past and put a hit on the receiver, making it difficult to secure that ruck without really crowding that zone. Get a perfect block and it's not too much of an issue, but the better the block the more likely you are to be caught coming off your line and penalized. Similarly there is high potential for obstruction depending on the line the receiver chooses to run. I wouldn't mind seeing the refs get a bit stricter about this area after the receipt of the kicks, particularly ruck entry which often looks a bit lax to me, but overall I think the balance is right and it's part of the fine margins of test match rugby.
For the kicking team, the counter is keeping the kicks in a bit tighter and being on top of the chase, but they can also look to produce more true one on one contests by kicking to less contested parts of the field - cross kicks rather then bombs. These generally favour the chasing player as they can come straight onto the kick where as a defender can be moved around more, but the execution still has to be good, which it obviously hasn't from the wallabies recently.