No, I don't think so. I think Ptichka's got it right. The point system is designed to push skaters into doing all of the ISU sanctioned events. That's why, for instance, the increments for first, second, third, etc., at major events are so small.
You might think it's ridiculous on it's face that someone could finish, let's say eighth at Worlds, fourth at Four Continents, second at Finlandia trophy and third at the Ondrej Nepali Memorial and end up with more points than the Olympic or World Champion.
But from Speedy's point of view, the point system was successful because it induced that skater do Four Continents, Finlandia and Nepali.