Tangible loss is a big part of it because it helps keep betting sane. If there's no stakes you can just do whatever you want and there's not really much strategy to it.

Cash games solve the problem of how long it takes. 20 years ago or so I'd play nickel, dime, quarter max bet cash games, dealer's choice of the poker game, round robin dealing. On a real bad night you'd be down $15, or you'd be up $20 on a great night.

It was a blast. $5 was the price of a premium fast food meal back then, if that helps to level expectations of stakes for the younger crowd.

All the best parts of having stakes in the game without risk of losing your shirt. We'd hang out, make food, drink, etc. It was the best of all worlds.

Periodically we'd do a tournament, usually hold em, stud, or Omaha. Then it was a $10 or $20 buy-in with maybe a rebuy depending on how long we wanted it to go. Usually top three were the money, depending on how many at the table. The early drops would start playing dice until there were three people to start a regular cash side game at the table (we'd just shift chairs)

So there's ways to address your points, but most people these days only know what they see on WSOP, which is no limit holdem. There's SO many poker variants out there that the old dawgs played back in the 80s and 90s that didn't come into light with the poker revolution. Red/black, no peek, guts, hi/low split, etc.