And everyone else has to waste their time applying for a job for which the successful applicant is predetermined in order for the university to be able to tick the box that it was awarded fairly.
If somebody better wants to come and teach for free, this is how they'll find them.
Having "UCLA professor of X" on a CV looks way better than having nothing.
Keep things in perspective: there are people who pay large sums of money to go on boot camps so that they can have a line on their CV that can open doors.