This is not a good strategy to incentive users reach the high level rank just to be able to join tournament poker event. When the minimum wager required was 10K, anybody got motivated to deposit more for to lucks one is to win one of the bets, the second is to increase the minimum wager to reach VIP level and benefit from exclusive features like the poker tournament event. Now users will find it quite hard to reach 50K wager and probably they will forget about the whole thing and may even leave the casino.
Well, it is up to the casino marketing and administration team. They sometimes measure the requirements based on their own judgment. A team member might think $50K is not a big amount because they are wealthy enough, while average players may think $50K is a lot of money. While I was thinking that $10K is not that much to achieve, some other players might think $10K is a big amount as well.
So, I would say that $50K is a big amount, yet they decided to make it like that. Probably because they do not want too many participants, or want to make it too hard, so it feels like a rare item. Just my two sats.