If both players are happy with a draw then it's not a problem. On the whole players who don't do this will prosper more - fortune favours the brave - so there is a natural check on this practice.
Eliminating Draw Offers
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I have to agree with Silman on this one. If a tournament standing and cash payout means a draw nets you a much bigger amount then play for it. Sometimes you'd be severely outclassed (thanks rating system for letting us know!) so you can play for a draw accordingly against titled guys, or if you're an FM then play for a draw against an IM or GM. As white you could for example play (applies to any rating range even the 600 guy playing the 1,000 guy) 1.e3!? and if 1...e5 2.e4!? with the idea of playing a Petroff with white as if you're black.
If anything else then 2.Nf3 with a simple strategy of restraining the central dark squares with pieces of the Queen's Indian Attack, the bishop will either go to b5 as in a Nimzo-Indian or e2 depending on how black plays. ...d6 ...Bg4 and ...Bxf3 systems are very drawish, but you were playing for a draw to begin with, but if you want to play for a win in such systems with white you need to find a way for it.
Edit: I was thinking of lines in the proper move order when e3 wasn't played yet:
This article about a need to rethink the draw offer is very old, but I agree with it wholeheartedly.
http://www.thechessdrum.net/65thSquare/DrawOffer/DrawOffer3.html
This article offers an argument, but that argument boils down to chess players are poor so give them a break:
http://www.chess.com/article/view/punishing-a-chess-pro-for-making-a-draw
I really just wanted to hear everyone's thoughts.
Here are mine: I certainly don't fault anyone for taking advantage of the rules in sports and doing whatever it takes to win within those rules. They have to live with their decisions if they think they were immoral. But that doesn't mean the rules are perfect the way they are. If the current set of rules in any sport allows abuse, then something should be done about it, right? Maybe I just don't understand, but I *hate* hearing that a game was drawn by agreement beforehand, or because someone was tired, or because a GM title was on the line. Can someone please explain to me how that is all accepted instead of frowned upon?