Every true mathematical proposition is a tautology. I don't find this point particularly convincing. As long as the model's predictions match reality in interesting ways, it can lend possible insights on why reality might have certain characteristics.
> Like getting an improbable series of heads when flipping a coin long enough, improbable clusters of events are bound to occur for at least some agents in a large enough set.
Yes, but what's alarming is how most agents' capital fell from bad luck alone, and how good luck only seemed to benefit a very small subset of the population, and talent was not any kind of guarantee. These characteristics of life are denied by many people, so to see it reflected in such a simple model is, I hope, instructive.
> Why should capital growth only occur on chance events, when most workers are paid wages in exchange for their work?
The way I see it, chance events that exponentially increase wealth drown out one's piddling wages. Wages don't seem particularly relevant to why Warren Buffet and Bill Gates have billions, and many people live paycheck to paycheck.