I have been playing online games for 30 years, and you are leaving out a TON of the value you get from centralized hosting and matchmaking.
At any time of day or night, I can just sign in and immediately find a match. In addition, it can match me against players that are close to my skill level so the games I play are fair and challenging. I can keep my statistics to see how I do over time in those fair and challenging games.
This is a very valuable service.
I have played on plenty of community hosted servers, and the experience is hit or miss. Sometimes, you will get power hungry mods who ban anyone who is better than them, or won’t ban the cheaters because they are friends. Without the anti cheat tools, it is often very hard to distinguish people who are really good and people who are cheating, so you leave it up to the whims of the moderators.
Yes, you could tell me to just go and find a different server, but I don’t want to spend my time trying to find a good server I just want to play… and who knows if the good server I find will still be around the next time I play.
I have thousands of hours on both types of games, and for any sort of competing games (whether FPS, RTS, or sports), I get a lot more enjoyment out of centralized matchmaking with anticheat.