The original idea behind 'race day' was the opportunity for someone that owned a proper race bike to take it out at whatever speed they wished to go at (without getting tangled up with belt drivers and suchlike), NOT treat it as a 'burn up' opportunity.
That idea was fantastic as some long unseen racers came out of the woodwork and made noise, the first for many decades in some cases, something I was very grateful to see and hear (once in a lifetime stuff).
That and initial subsequent events added to the VMCC funds, not cleared them out.
The problem arose later when a 'suit' arrived and tried to commercialise it (because that is what he was employed for).
Personally, the 25 yr rule along with the ever steeply rising prices of 'historic junk' (that would previously been used as a parts supply for racing) has let the BHR loose its way, as its now held up by scooters (the sidecars are great!) and semi-moderns (again the BEARs are great), generally the chariot grid is mainly kneelers that use it as a 'not CRMC ride', not proper BHR stuff.
Just my 2d