There are two sides to this issue. Side one says I should be rewarded for my talent, hard work, skill, time investment, etc--not punished for it. Lazy players (or even those that just don't have the desire or talent) shouldn't be rewarded for their laziness. Life isn't fair and people aren't equal and that is just the way it is and pool is no different. The best will and should win. All good points and all true.
Side two says the reality is that many people just aren't going to flat out donate when they have little or no chance. And for those that will, they aren't going to do it week after week forever. They eventually get tired of it and will stop coming at some point. And so the reality is that when a select few individuals always dominate the competition and nobody else even has a chance the competition starts to dry up. People stop coming. Events die off. Better to have lots of events with a more even playing field than to have few or even no events. Something is better than nothing. Pool is in dire straights as it is and we should do what we need to do to get all the participation we can even if it isn't always the most "fair". All good points and all true.
Like with lots of things, especially when both sides have really strong points, a compromise is probably in order. That compromise would be for an area to have some open events, and some handicapped events, so those of both sides have something to go to.
And a great compromise that I never hear being used is that when you do have to have handicapped events, make them to where the better player still maintains a little advantage in each match. If a dead even race between two opponents in a handicapped tournament match would be one goes to 9 and the other goes to 6, then instead make it where the less skilled opponent has to get to 7 to get the win instead of 6. That way the more skilled players are still favored and will win the events more often, but the lesser skilled players still have a chance and will win often enough to keep them interested and coming back. They know they are not as skilled and shouldn't win as often and will be fine with that as long as they know they actually have a chance and can snap off an event on occasion when they really play above their head or get all the rolls.
I have no idea why more handicapped tournaments don't do this where a slight advantage is still always given to the more skilled player. Seems like it would still keep the "I should be rewarded for my superior skill" crowd coming even if the format isn't their first preference (because they still maintain an advantage even if it is not their full advantage), and would also keep the "no way in hell I am going to be a dead money donating week after week with no chance" crowd coming even if the format isn't their first preference either (because they still have a chance and will get to snap off a win on occasion even though it won't be as often as the better players will).