Your title was my exact thought when they announced the new incentive.
This point about quantity is really important. It's the main reason I've put Medium on the back burner. The amount of time I'd have to pour into it doesn't make sense for what I'd earn. Even if it did, heavy quantity usually equals lower quality, and I don't feel I add value that way.
I'm not a media expert but since I've delved into Medium this spring, I've noticed many parallels with Huff Post. Similar to Huff Post, they make their money on largely unpaid contributors (or, on Medium, the majority paid very little). This model seems to only last for so long unless you're a full-on social media platform (Instagram, TikTok, etc.). If this type of incentive continues, I can't see the platform growing past what it was. Yet I'm hopeful because there's so many great people here :)