The same can be said for the race that stops the race nation on the first Tues Nov- so many champion racehorses ( Octagonal, northerly etc) were handicapped out of the Cup. From memory when Northerly was handicapped at 60.5kg after winning the Caufield cup in 02- no modern horse can carry that weight and win.
The secret to the winning the cup is getting in with good weight hcp by staying under the radar.
Handicap horse racing is very similar to pro- running. Its part of Oz culture.