@richie
If you simply made all chess tournaments a giant open section with no class prizes, how would you motivate any players with less than GM- or IM- playing strength (which is to say, 99%+ of all players) to participate?? Most players don't really want to enter a tournament and lose 6 or all 7 games in 7 rounds, and most players prefer to play opponents of roughly the same strength or perhaps a little stronger. I don't understand how this new scheme would be better for players. The current system of sections and section/class prizes may not be perfect, but it sure seems more motivating to me than the system you propose.
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https://www.chess.com/forum/view/general/millionaire-chess-3?lc=1#last_comment
https://www.chess.com/forum/view/general/mc3?lc=1#last_comment