I think you might be right - if the effort is too high compared to the potential profits. The bigger the potential profit is, however, the bigger the incentive to game the system. I have built a non-public trading bot for Steem Engine last year, and I was not overly successful I must admit...
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I've also been running a private market maker bot of my own design for the past year on various Engine markets. The design of that early bot heavily influenced the design of this smart contract system. Overall it has made more than it lost, but it does require a lot of babysitting and watching the markets so I know when to change the configuration or turn off the bot temporarily when things move against me. People shouldn't make the mistake of thinking this is a passive income strategy that they can just turn on and then leave alone. It needs active management and is more of an art than an exact science.
Will be very interesting to see how this all goes, I'm excited to see what people do with it and how the markets will be impacted!