You don't have to go so low to put on a good spectacle. It's like the pilots that hit power-lines during a beat-up... they could have easily been another 50-100ft higher and still been entertaining and get the same result as a spectacle.
Engines do fail, particularly during aerobatics. That's all. The rules are there for Civilians, so are the Military *that* much better as pilots and their maintenance *that* much better that they are exempt from things going wrong?
Why is it that an aircraft can't have a civilian C of A after a Military one?
I'm not the fun police and don't pretend to be, but it does make me wonder every time I see this as the pilot will eject and not care for the aircraft and potentially where it ends up.