Because heavy favorites still lose. Pete the flipside of your argument is, this is about who's the better handicapper, not the better money manager, so it should be about picking winners and the people that follow you can do what they want in terms of betting money.
Anyway, not disagreeing with you or taking a side, just playing devils advocate. Personally I think this will not be a problem as the better money usually follows the better record. We never decided this before we started which we probably should have.