Yes, it's an awful design. I haven't seen another engine that does this! As has been said, you CAN adjust it, but you need to take the cam cover off and poke a (probably slightly ground-down) 10mm ring spanner down the gap to get the pinch bolt loose, then push the tensioner down to take up the slack. HOWEVER, as has also been said, once the plastic face of the tensioner pad has been eaten through, the rest of it wears very fast, so it'll only be a transient solution.
I think the trick, when installing anew chain and tensioner, is NOT to put any real tension on it when first installing. Just leave the tensioner "in contact with" the chain, but not actually applying any tension.
I did start getting the bits together to just bin that stupid bit of "bike chain" and use an electric vacuum pump instead, but have never got round to doing it because ours isn't too noisy at present and I have a variety of other problems to attend to on it!