It's like "free guy" (spoiler boring) tries to be a critique of video Game violence by positing the existence of another gaming reality where people are nice to each other. But this other reality is just a Macguffin. We come to watch the violence and mayhem and we come to watch squid game for the same reason.
It is better to own the fact that watching torture porn gives you the jollies rather than posturing that it gives you membership of some anti capalist intelligensia.
It's just Romans and Christians and Lions. The crowd loves it because people love blood.