If you tried to run an event like that in the UK there'd be so many complaints and objections you wouldn't stand a chance beyond 'We'd like to....'
Sounds like an F1 car shouting into a megaphone. But in the good way.
I think it exists because the local government would be the one to stop it, and I'm sure it's a huge moneymaker for them, so unless the locals complain there's no one to pressure them to stop.
Sometimes it helps to fly under the radar when it comes to mainstream exposure.
Get that weak shit off my track
The pub, hotel and B&B owners would go mental if they tried to stop it. it bring in a very significant amount of tourism into the island.