I too feel it is an outdated practise that should be discontinued.
I distinctly remember as a child feeling ashamed that my end-of-term present to my form-mistress was obviously either homemade or cheaper than that which classmates with wealthier parents brought to school.
I was relieved when the custom did not continue into senior school, and I know my mother was too.
My teaching experience has been solely in Denmark, where school-teachers formerly ranked and were paid as civil servants. This is a thing of the past now, but the rule that those employed by the state may not refuse presents from members of the public, as this was seen as bribery still prevails.
We have in the last few years had incidents of bribery and corruption, mainly in large firms vying for big sales contracts, but none amongst teachers.
This is probably due to the fact that in the 1980s and 90s a large number of teachers complained to the authorities that they had been asked in all seriousness, usually by immigrant families from countries where the procedure is quite usual, how large a "present" would result in a child being given better marks than those justified by his or her class work or examination papers.
Obviously, once these kind of questions were asked by parents, teachers became very wary indeed of accepting more than the offer of one sweetie from a child.
Medical professionals are not allowed to receive gifts from those they have treated, police likewise may accept no gifts, home-helps and carers are likewise obliged to refuse gifts from clients, as obviously are customs officials, so why should the teaching profession form an exception?