Just my 2c, I bought a share of Monomoy Girl because I have been a fan of hers for years.
It originally cost me $46, although I have already gotten $6 back from her 2d at Oaklawn.
The way I see it, it is simply entertainment money. I can spend $40 on a dinner at a not-even-fancy restaurant, or one night at a movie.
For this, I get to log into the MRH app, and see regular updates and behind-the-scenes videos, which I enjoy very much. I get a rooting interest when she races. I get to feel connected. It’s like being part of a fan club for a year, and seems an entirely reasonable amount of entertainment for the price.
EDIT: MRH just added $4.97 back into my account for Monomoy Girl’s Bayakoa win. My total cost for this year’s worth of entertainment is now just $35.03. My enjoyment remains the same.