Why do people believe that Proof of Work is good for distribution?

[counter]

I'm in the camp that believes the PoW is a good form of distribution but the model has been exploited.  It is a game where the one with the most hashing power wins most of the time.  From my perspective the real issue is people messing things up in order to manipulate things in their favor.

My overall feel is PoS, PoW or what have you are all generally good forms of distributing coins just not perfect.

[boxuser]

whats the problem with POW???

[Errror]

POW sucks. It excludes ordinary people, and let rich guys with megamaniacal HW farms centralise network.

[ChuckOne]

That basically describe my feeling about it.