Very much this.
I was also part of Startup Chile (8th gen) and the demands of the program were very reasonable. Gaining the RVA points to foster the community was really a small price to pay for basically "free money".
The transparency into spendings was very understandable and additionally largely due to some pretty shameless abuses in previous generations.
I was part of Startup Chile and got into a VC run accelerator in the US, and bureaucracy in the US was much worse (Lawyers and accountants required for everything, incorporation as C-corp as a pre-condition, immigration acrobatics, etc). He may change his opinion if he has to move to a US accelerator with a $40k - $50k investment (just icing, as dashr rightly points out).