That is one interpretation. But there are many ways to interpret.
Speaking for myself, I don't like $$ sullying my participation. It takes the "fun" out of it. Prefer to play with other people doing it casually, for enjoyment, that aren't going to take it too seriously.
(Relatedly, I always wished the in-person King of 94s would have a nominal entry fee, to cover venue expenses alone. Especially after forking over $$ for travel/hotels.)