Free spins bonus are not really free and they usually have those wagering requirement that is why I never get interested to those type of promotion.
It’s still free money. I don’t understand why anyone would say no to free money! Yes, you will most likely lose it all before completing the wagering requirement but at least you got the chance to play games for free. If you complete the wagering requirement and end up with some profit then that’s great, if not then at least you enjoyed your time without losing anything.
Casinos add wagering requirements to ensure that not many users end up winning. Without them, they would go bankrupt in no time.
Humans are greedy by nature so when they see an exploit to the system, they will definitely abuse it. Having a wagering requirement on promotions also ensures that only real gamblers will get the bonus not people who will just register for the free stuff then walk away.
I've seen some new casinos before that didn't thought of applying a wagering requirement on free spins bonus. Withdrawals were fast and easy during those times and KYC was still not mandatory. Users would create multiple accounts to use the free spin and wuthdraw what they won immediately. After few days, their website can't be accessed which likely they got bankrupt because of a loophole on their promotion.