I'm not a great player, but do enjoy the game and attempt to take it seriously, all the while having a blast! That being said here's my take:
Handicapped tournaments keep the weaker players coming back, for that chance to get lucky, but who does that benefit? Other than the obvious answer (the weaker player who just snapped off the tournament).
The weaker player isn't gaining much pool value when they're firing at the nine, hoping it goes 5 rails somewhere. The stronger player is discouraged when that actually happens.
For the Pros: The room and pool sees more business because the weaker players have a reason to show up. What else does is there? What are your thoughts?
A bit hashed over, but in my view, the players that come to play in a tournament are really one two types. Those that are playing to test themselves and practice. They want the tough match and even races or if handicapped event they play even if they lose.
Then the rest, most league players, those with ego issues, that use pool as somewhere to go when nothing good is on TV or because it happens to be in a place with alcohol, they only will play if they can win. If they lose, it's because their handicap is not low enough, not because they did not practice as much as the stronger player.
As long as a handicapped event if done fairly, with players ranked by their true ability, there are no issues with doing that vs an even race.
I did find that when trying to setup rules for a local tournament that if you want the second type of players to play, you need to have it be handicapped, and not only that but the same players can't win every week or people quit. Because they are not playing to compete or practice they are playing to say they "beat" someone or "won" even if they did it because they had to do less to win than the other guy.
One local tournament I play in has been getting more and more players in, even though in most weeks the same people are in the top 3, others keep coming back, and getting better. This is an even race.
Another one I play in, people stopped showing up because the same players were winning even when it was handicapped. We went to an even race with some very cheap entry for lower players, and even for $5 vs $15 for the good players those weaker players don't show up. Because they are not interested in learning or playing pool for a night for $5, they just don't want to lose. They are not there to play. I mean what kind of pool player would not spend $5 or 10 to shoot all night against better players that teach them things and then get free table time to boot? Clearly not a real pool player, so worrying about pleasing people like that is useless.