What I hate about it is that it isn't even about the monster fights themselves, it's more like a retarded form of PVP. And if they wanted to implement Chocobo racing there are better ways to do that.

This is the equivalent of cramming a room full of people shoulder-to-shoulder and saying "We're going to release an ant in here a few times a day, and whoever can stomp on one gets $1000." People would be stomping all over each others' feet, pushing and shoving, arguing over which one stomped it first, etc. And whether or not people get a decent amount of money doing that they're going to have a miserable time in the process.