If this is defined as a series of races over an extended time period, rather than having to be in one session, I'd support this.
But if everyone has to hang around waiting for the grand final, then I'm not so sure.
I can see this working well amongst a group of friends if they can run this asynchronously with other events.
What I mean is that a group of friends would set up this event and run it. At the end of the event, the survivors would agree on a time to regroup, and then the full group would get on with the next social experience.
As I write this, I can see there is actually no reason why this can't be done informally by a self-policing group.
Sorry, I sometimes have a bad habit of thinking with my mouth open. If you don't like this, please ignore me!