You make a great point(s).
The RRP was originally designed to put a floor in rates so short term Treasury collateral did not go negative in yield and screw up the collateralization of Treasuries. Who would want negative yielding collateral. Agree, now the Fed can use this tool for players to park cash and provide liquidity on demand. There is no risk with loaning the Fed money and you get a great risk free return. However, that has implications. Some of these funds/banks/dealers can use part of their portfolios to gain more risk because of the great risk free return and liquidity they are getting from the Fed. This can feed the animal spirits short term by marking up inventory and selling it to the next guy at a higher price. I agree with Lee, this is setting up a real confidence failure in the Fed for when this shit finally unravels nobody will have any faith in these PhDs or liquidity left (whatever that is defined as in the future, Cash, CBDCs, or CBDs).