As much as I would kind of like to agree with this… there are a few problems I see with it.
This might create a problem for normal hunting as a decent amount are now the rainbow ones. and they don’t spawn the type of mobs that give the drops needed for forging and other uses.
Due to how competitive this event can be in a group function with random people, i don’t think I would want to see it around all of the time. This might create burnout in large groups after awhile.
And lastly, right now. This is the only thing that haves the Potential to inject some rare items into the economy. which is something I think the economy needs. Now this may or may not be undone whenever the devs put in that dye thing they might have hinted about. But right now I feel this is a good thing to have some of the colors be rare.