I think my NAUI classmate who washed out in the dive phase of our Master Diver training would disagree with your assessment that "they're all basically a handout." He's a good diver but there were no participation trophies that day.As a Padi MSD my feeling on any of the recreational certs is that they all are basically a handout….regardless of agency. Is there some work involved and knowledge….yes…but it’s nothing too significant or difficult imho....
And it's exactly that sentiment that gives some pause and reason to question the PADI MSD designation. Don't get me wrong, I whole heartedly support whatever path you choose to being a better diver and, in fact, like the PADI approach to encouraging divers to take specialty courses. However, when you're in a discussion about an agencies top rec designation and you can't define specific training goals/milestones to achieve that title, well, it does make you wonder what that title means.
Maybe "Happy Diver" should be a designation and not just a screen name;-)