They just don't care if they misses out though. They will come back stronger with more state funded money next year. The system is already broken. PL and UEFA shouldn't have allowed state funded small clubs to invest heavily and break the balance.
This is the action to show they care. They care about when they lose the place in the competition, they will pocket less money.
They are building a league who will not be relegated forever because they want to spend less and put more to their pocket. Don't you think they suddenly want to watch a competitive & exciting football? No way they do, they just want more money into their pocket.
No relegation means they have nothing to loss no matter how their awful management and dismal performance which will being a punishment in currently foundation.
Because the owners know their clubs are well-known, so the "legacy" fans like you will pay and watch. The owners is squeezing their club's reputation to earn more money.
On the current foundation, the breakthrough of West Ham & Leicester is showing how competitive of PL. The bottom teams push any force they can do to make that 1 point is also show the competitive of PL.
Why do you expect that you can watch a top competitive in that league with less actual quantity team? Because they are well-known team?
Why do you expect that there will be a excellent competition without the relegation? Because they are well-known team?
Why teams like West Ham & Leicester cannot involve in that league? Because they are not the well-know team in terms of money?
Why do you expect that all owners from that league would be invested big to a non-relegated league? Because they care about their clubs?