EA is a way for wealthy and powerful people to feel good about being wealthy and powerful. It's a tool to resolve the cognitive dissonance of them taking a bigger share of the national pie while others are struggling to survive, by saying "See? I give back!"
Like many other "rich people" movements of the past, it comes with a veneer of logic and altruism, but is ultimately self-serving and does nothing to resolve the wealth inequality problem (which is what the rich feel guilty over and need to salve their conscience somehow). In the old days, the poor would just rise up and kill them. We'd get around this problem by redistributing wealth (pot latch, jubilees, etc) but we don't have this anymore, thus the many philanthropic movements that target a specific tiny thing rather than the fundamental problem (which would threaten their wealth).
It gets flagged on HN because this whole thing already played out over the past 10 years, so we're over that.