I used to believe otherwise and eventually found what you say to be true. Makes me feel cheated (by myself) that I'd missed many good views due to misalignment and think that since they have annoying caution stickers on everything else, they should put a caution sticker on the underside of binoculars explaining just this.I do not believe that blackouts are inherent in any binocular.
I believe they are caused by misalignment of the exit pupils of the binocular with the pupils of the observer.