Here is my take: As my kids swim on teams I've been exposed to the sport (But I'm no expert...)

1.)Each event is very short. If you didn't have many events it would be over in a flash then you go home... not very interesting.
2.)Its a small(ish) arena you can pack spectators all around to see the action.
3.)Short attention spans of spectators need constant stimulation and action... this will do it. Its like getting my wife to watch sailing on TV or even at an event. She says its like watching grass grow. Things seem to happen too slow if you're not on the boat.

Just my thoughts. And having seen his event times and compare them to the meets I've been too... dang!. Of course I'm only involved in elementary and high school levels.

Clayton