You're not entirely wrong... I purposed a theory a while back that most people are playing to be able to generate enough peds to simply play so they can generate enough peds to play. I mean the game loop for most people is simply trying to loot enough to stave off going broke and needing to deposit. To hit a large enough loot that you can repair all your stuff, maybe recover a few recent losses, upgrade a piece of gear so you can get back out there and take on something larger with the hope of continuing the loop. Playing with the hope of making just enough to allow them to continue to play.
And as a result 90% of the RCE aspect is pointless churn and overhead as peds received really don't have any value since they are never withdrawn. Part of the reason why HoFs are set to the value they are. They're just enough to get you feeling good, get some stuff and pad the bankroll a bit but not quite enough to recover all your losses and have you thinking it makes sense to withdraw any of it.
I mean most people will only ever withdraw if they do hit an ATH that puts them in profit. And as such, why not have all overhead and churn not be directly related to a RCE. It would be way better to be essentially tiered subscription based both for users and the company. Anyways, that's a whole discussion on its own that isn't overly popular with players. But there's a reason WoW still make more money every year than EU has made in its lifetime. I never understood why people will oppose a $15/mo subscription but happily lose $200 a month to keep the game "free". lol
I do think that pretty much everyone here initially started playing for the same reason though. Because the idea of making money is very appealing. I mean let's be real, that's honestly the only thing Entropia has going for it over any of the other MMO's out there. It doesn't having an amazing story, riveting action gameplay mechanics, a massive community and non-stop content updates..etc. It's whole shtick is that it's real cash you're playing with.
Why people choose to stick around has a lot of answers. And I think sunken cost fallacy, denial with a dash of addition all play a role. Whether or not people are consciously aware of it or not. Of course this is all excluding people that treat this simply as a business (traders, land owners...etc). And a very VERY small group that are actually leveraging the system to generate regular income (the "Messi's" of the game lol).