Some of you need to realize that many of the people who are eligible for age restricted divisions choose to be in them so they play around people of the same age, and don't have to be around the 20 somethings and their 20 something behavior. Who is the better player is really irrelevant in that decision. I didn't really understand it either until I became Masters eligible.
This. Especially if it means spending an entire weekend with them.
We don't need age-protected amateur divisions. It would be fair enough to have just ratings-defined divisions, and I've played in some events that did just that. Sometimes I wish more would---my desire to play with peers conflicts with my desire to play in large divisions.
The fact that the old guys have the option of playing either in the age-protected, or rating-protected, divisions, but overwhelming choose the former, speaks loudly. Running tournaments means catering to the players' desires, and hoping to get as many to attend as possible. If you don't offer Masters, you wonder whether those guys will sign up for Rec or Intermediate---or just not play.