When FIDE implemented faster times for the Chess Olympiad a number of years ago, there was quite an outcry against it. Chess was a serious game requiring serious thinking time, and a push to faster time limits was just a gimmick.
These days the outcry seems to have died down, and it seems that almost every big event is introducing their own time controls. Only having increments after move 40 (or even 60) seems to be a thing at the moment, as time scrambles are back in fashion.
The latest tournament to try a faster time control is the Zurich Challenge, which is moving to the even faster time limit of 40m+10s per game. So spectators won't feel cheated, they are planning to play two rounds a day under this format, so there will be around 4 hours of chess.
In my opinion this is veering very close to a rapidplay event, and in fact is rated as such. A number of years ago I experimented with 40m+30s per move (for a weekend event) but a number of players felt that this was too fast for "real" chess and the experiment was not repeated.
But it is the sponsors right to organise events however they wish, and if a player does not like the time controls they can always pass on the event. However looking at the invite list (Anand, Nakamura, Kramnik, Aronian, Giri and Shirov) it seems that the fast time control is something they can live with, although it is also a time control they all look comfortable at.