Yah...when the BEST that can come of things is having your hand down the gullet of a really mad catfish, it's probably time to seek a new hobby.
I admit it might be interesting to watch, in a Crocodile Hunter kind of way. Kind of a boy-that-guy-is-nuts-but-this-is-strangely-intriguing *cringe* kind of way.
In all likehood, it wasn't developed as a hobby rather as a way to procure food, and for that purpose it does require a mimimal outlay of resources. I'd say nowdays, you may be correct, it's right up with 'hey, hold my beer and watch this, guys'.
G'nite ALL.