I think the argument for hedging is further weakened by how large actors have other (better?) ways to hedge, such as with futures contracts or insurance policies.

Those may have the added benefit of protecting you from price changes. If I need widgets and I'm worried a geopolitical event will disrupt supply, the money from a "won" bet might be minimal compared to the new costs as everyone raises the price of widgets.

Why must things have a purpose? If something has a purpose, can it be an objective purpose?