From the perspective of a member from a subtop studio, I would say that doing something crazy and unordinary like challenging the best crew in the game can indeed be fun.
Especially the first time around. It creates a certain kind of excitement, curiosity and expectation in the studio. Everybody knows who those guys are, where they stand and that we don't play in the same league as them. So having an actual fight with them can be interesting an entertaining even if you know you're going to lose. You still want to find out what kind of performance can you put in, if they have such a grave penalty from all the trophies. Seeing then the under lvl 50 players on your side fighting the lvl 200+ folks on their side can be quite comical in itself.
And when your stronger teammates actually begin to defeat their players, one even killing 3-4 of them all by themself and thus earning the "hoeminator" moniker
... that's when the real fun and excitement kicks in.
It's like in sports when the small local club gets to play against the world-renowned champs. Or when a mediocre athlete in some kind of individual sport like tenis gets to play against the No. 1 player. These unordinary David vs. Goliath type of matches will be always attractive and feel unique for the underdog players and the people who support them.
But if it happened too often, it would loose its appeal. Maybe even the second time around it won't feel the same. I would still be up for challenging the best studios every week, if we were actually able to catch a trophy every time we did it. But even with a crippling 67% overall trophy penalty, the Hoes were able to fend off the attack without too much trouble. And we are a Top 20 studio who has a couple of lvl 200+ players of its own... I think we put in a solid performance by beating more than 2/3 of their members, but they are just too strong and it wasn't enough. This only shows that the huge strength of the top studios makes the number of potential challengers limited even when there are big trophy penalties involved.
But I still think, Tara, that your crew should try it at least once, if you haven't already. Not for the the win or to get a trophy, but purely for fun.
The glory loss against such a power house is marginal (-80 glory points for us) and well worth the one try.