A descent event, but not nearly as good as the Showdowns. As others have pointed out, the event doesn't necessarily measure skill, but rather who has more time to play.
For the prizes, I think only the daily prizes were reasonable. If you just finish in the top 5 or so, you'll get 1-3 balls, which is OK. The global prizes definitely need to be better. It took the 100th place player an average of around 5800 points per day, and their reward is just 1 ball.
There's an easy way to make the event more competitive for those with less time. That would be to put a cap on the maximum number of matches per day that count towards the standings.
Not sure what the perfect number would be, but say the cap was around 10 matches or so. With 3 holes per match, that would be 30 coin holes total, which would still take some dedication to play all 10 per day. But that would take around 1.5 - 2 hours per day, so it is doable if players really want to compete in the global rankings.