The concept still remains extremely curious. The current world champion in classic chess, Magnus Carlsen, does not have to complete any qualifying series and basically only has to play a final against the challenger who wins this tournament. Firouzja started the tournament very badly and basically eliminated himself with that. The notable name I'm missing from this tournament is Anish Giri. Actually, it should be a normal formula, just like playing football. Protective status is ridiculous.
This format has long been criticized (including by the current champions), but it has historically developed and so far there have been no shifts in changing it. And by the way, if you look deep into history, this is a much better format than it was before - once the current champion appointed his own opponents or could put forward absolutely unrealistic conditions for a duel.