It occurred to me that this game is quite different from many of the other MMO games I've played due to its events.
In most of the games I play, participation in events is not based on, for example, the age of the player account or the strength of the characters.
In general, in-game events are meant to bring a whole gamer community together have fun, regardless of the value of the accounts. Sometimes events are also seen as expanding the game lore and enabling new or old achievements.
Some of the mobile games I've played offer these types of events such as this ongoing event, but those games are usually heavily P2W. That is why I don't see why that type of event model should be imported into this particular game.
It is also very clear, this current type of event model is likely to tear the gaming community apart and increasingly divide the gaming community into elitists and ordinary players. I firmly believe that most players do not want this phenomenon in the player community. However, I understand there are exceptions, as certain types of players enjoy a hierarchical gaming community. Still, I hope that support for this type of development would cease and be understood to be detrimental to the very existence of the game.