No true believer treats it as you suggest.
You and I know how it should be treated. But there are countless Protestant churches who do not treat it as anything other than a memorial to take part in every now and then. To many Protestant churches it is nothing more than crackers and grape juice. I'm sure it is that to some people on this thread. Sad though it may be.
Yes they do. I was raised in a church before I converted to Catholicism that believed it was nothing but a memorial of the last supper, one we were enjoined to do, but not where Jesus is present in that special way that is the Catholic Eucharist.
A memorial. Where we felt linked, perhaps to a long history of Christians who did remember Jesus in the Lord's Supper as we thought of it. A resaying of the words. A return in mind, perhaps, to the crucifixion. But not a coming down of the real presence.