Hunts and the original Odin/Behemoth reminds me of the classical "named mob" or "field/world boss" implementation. The only difference is, in those classical implementations players fight to tag the target, in FFXIV players fight to deal the most contribution.
Sadly, in the classical implementation there is a strict and guaranteed criteria for reward: you tag it, down it, you take everything. But in FFXIV, your contribution is relative to how well geared your opponents (other players) are.
For that reason, I feel that Hunts are simply an extension of the end-game raiding content. It's like a little platform attached to the roller coaster, if we take the theme park paradigm that Yoshi-P talks about; it is by no means one ride of its own.