I'm sure SE realises how unbalanced hunts are, but to balance the rewards now would upset a lot of people. The best they can do is not repeat the same mistake with 2.4. It's ridiculous that a party of 8 clearing the entire Second Coil can only get two sands of time a week (4 weeks for all to get one) while all 8 of them could farm a sand a day if dedicated enough or one a week casual. Coil is obsolete in terms of time/reward apart from T9 weapons. Ramuh and CT2 were obsolete from day 1 and the 3 dungeons aren't progression content.
I've still to this day not done Ramuh Extreme and I unlocked it the day after the patch. I have no reason to other than to get the clear in time for Shiva in 2.4. The rewards are trash. Likewise I haven't done CT2 in weeks because I've no interest in i100 gear that can't be upgraded or an oil of time that drops every third run being lotted on by 8 people (faster to get one via hunts).
Point is hunts were the only progression content added in 2.3 and they are better value for time than 2.2 progression content. So it's no surprise everyone is doing them.