Any good reason that it DOESN'T work the way it should?
Because on implementation and shortly after game numbers dropped like a stone.
I'm sure the devs have not forgotten that loss of income stream.
The devs killed the smasher medal in its full on mode because of, (in my opinion) shall we say, over zealous indulgence in 100 stam hits in every available direction by those seeking the medal as fast as possible.
This upset players not used to being hit as often, or as hard as before. All the 'rules' for avoiding PvP hits went out of the window. Hiding gold etc. not relevant. Everyone in range got hit at 100 stam so a medal could be gained. If you were in range of multiple players who wanted their smasher medal? Unlucky.
I suspect support received a lot of messages.
The activity at the outset, and its effect upon player participation, was enough to make HCS quickly change direction.
*This is important to recall, without direct HCS confirmation or denial. HCS reacted very quickly because they saw that a mistake had been made, and it affected their business adversely. The assumption is that people abandoned the game and they (HCS) saw online numbers dropping in real time, so they reversed course. This assumption makes sense, but might not be true. Another narrative may apply. HCS would have to clarify.*
For whatever reason, the reversal came too late to save the players who had already left because of all the hits they had received, and their perception that the game going forward under those rules would be untenable for them. They were already gone.
Of course what did the change to the smasher medal do, but disillusion other players, who had loved the medal, and the activity it had brought, and who then abandoned the game in disgust after it was nerfed in their view.
A double blow to HCS and their player base, therefore income stream. Advertisers don't want to spend money on games that are poorly inhabited.
So game numbers dropped again.
Perhaps the smasher medal should have been run on a beta server?