Do people cut factory springs to make car lower and handle better or is that just a hack job in the making?

I have Hotchkis 1" lowering springs on all four corners. I'm sure some guys cut them to get the right stance.

I wouldn't consider it a hack job. I would consider heating the springs a hack job.

Everthing is about money. (on the less expensive side)
It if want the stance, chop off a coil.(should handle a little better)
If you want better handling and stance, install BB springs or BB springs with air, and start choping coil. These will have a higher spring rate so it will handle better than the first.

However you have many companies that make springs, custom springs, lowering springs, etc. But you aslo have to know the intension of use and how much money do you have to sprend.