I fail to see how there is any comparison between the above and a couple dozen weekend hobbyists tooling around in 30 year old spam cans of such low performance they have to handicap the race to even make it worth their time.
I think the RAC reintroduced the race about 30 years ago to commemorate the original race. I don't think anyone would try and suggest that the modern version is the same event.
It seems to me that the people who air race do it for the same reason we all take to the air: the love of flying, in its various forms. The air racers last year had 20 entrants, which is not bad for that type of discipline and comparable to other disciplines. As for them all being spam cans, a look at the list from last years shows things such as T67, Baron, SF260, Bulldog, RV8, DR400! An RV6 or 7 won overall a couple of years in a row. I know they return year on year to several of the airfields including Alderney and Abbeville, so not that unpopular!
For every perosn who loves, touring, aeros, precision flying or racing there will be a couple of others who can't see the point!