It's decidedly less efficient for everyone who benefits from the manipulations (possibly unpopular, but I'd argue most Americans benefit at the expense of the 3rd world).
I do think btc is objectively more fair.. participants have a much stronger expectation of being treated equally.. but to your point. Whether or not you think fairness is good is a different matter. Most would say they think fairness is important, but they betray themselves quickly by talking about who NEEDS to be excluded.