Playoffs/shootouts/etc. have their place in sports where there are a large number of competitors.
In football, it has had the impact of keeping more teams in with a shout of promotion towards the end of the season. This means there are a lot less 'dead rubbers' so it keeps the crowd numbers up and benefits the clubs financially.
In F1 stock car racing, we had the issue of the 'national points championship' often being decided with 2 months of the season still to go, meaning numbers on both sides of the fence tended to drop off after the World Championship in September. By bringing in an end of season shootout, the battle for the silver roof goes to the final meeting of the season, and the crowd numbers for the 12 shootout rounds are far higher than they would have been in previous years.
The difference is though, that in football the top 25% in each division are in with a chance of promotion, in stockcars you are looking at 16 out of over 100 drivers can win the silver roof. To have a season long tournament where 60-80% of the competitors can still win at the end of the season, irrespective of how far behind they might be does seem very farcical.