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I don't get why you have a problem with the format.

Regardless, if the better players are really better than the no-names, then either their superiority in skill will bring them victory consistently, or the format does not provide for sufficient influence from skill, and it's more of a lottery. In either case, allowing no-names in the game is reasonable.

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You inadvertently brought up an interesting point. I've noticed that many of the no-names take crazy chances, hoping to get very lucky, when heads up against a pro. IMO The amatuers do this not so much to win the tourney, but to tell their friends back home about knocking a pro out of the competition.

Howard Lederer commented that every time he made a bet, he had to defend his stack.

That's one more reason to limit the competition.