Monaco is about the racing, it's just that the racing is much more exciting for the drivers than the spectators. When you see the drivers asked about it they really care about doing well at Monaco because it's really hard!
Monaco is a terrible circuit though. Qualifying is more important than the race itself because assuming a driver qualifies first, they basically win unless they bomb it into the barrier.
Which is extra weird because it is being held pretty late. So it is an inconvenient time for people in the US and an inconvenient time for Europe. So it timed for Asia and the Middle East. It seems like if it was there to draw a US crowd it shouldn't be held so late.