That's because you are smarter than the average hedge fund client. People who understand how hedge funds work never give them their money.
When I started my own fund I was surprised how easy it was to find investors with lots of money. Some people have so much money that they diversify without really checking the hedge fund. For them it is a non event to invest an amount of money, that for them represents even less then 1% of their total investments.
As long as it stays so easy to attract money, the fees will not go down and will not become more honest. Why take a small piece if clients offer you without any problem much more?