The import behavior is intended to allow modules to have state. For example, a module that runs initialization code may have all sorts of different behaviors based on what happens at init time (a good example is the os module, which transparently loads different versions of the path submodule depending on what OS you're on). The usual behavior exists to allow lots of different code to access the module without re-running the initialization over and over. Moreover, modules function sort of like static classes in other languages - they can maintain state and are often used as an alternative to global variables: eg, you might use the locale module to set local culture variables (currency format, etc) -- calling locale.setlocale in one part of your code and local.getlocale in another is a nice alternative to making a global variable.
Your example, of course, points out the weakness. One of the classic python principes is
We're all adults here
The language does not provide much of the privacy management features you'd find in, say, Java or C# which let the author lock down the contents of a module or class. You can, if you're feeling malicious (or just suicidal) do exactly the sort of thing done in your example: change pi to equal 3, or turn a function into a variable, or all sorts of other nasty stuff. The language is not designed to make that hard -- it's up to coders to be responsible.
@Josh Lee's answer shows how to use reload, which is the correct way of refreshing a module to it's disk-based state. The wisdom of using reload depends mostly on how much init code is in the module, and also on the web of other modules which import or are imported by the module in question.