I agree, if people that did the giveaways increased the reward etc. it would be more acceptable. But they do not. As acidyo pointed out, the value they giveaway are usually around 5% of what they get.
I am going to be honest. I also thought about starting giveaways. But of course, with increased rewards compared to average. Did I still have some sort of profit in mind? I did. I think getting some profit from giveaways is not something bad by itself per your example Mr Beast. It can be a real win-win scenario. But people currently doing giveaways are taking a huge chunk of profit, and that is the main issue.
Maybe I should start that giveaway project.