There's something about the previous iterations that required players to show up on LAN to prove themselves and then go through multiple rounds with significant prep time both for and against your favor. Now that there are even fewer rounds to prep through and the possibility of online play causing issues the tournament has lost an identity completely separate from prize pool.
I don't think "illegitimate" is the correct term to use and GSL will still offer a long-form tournament format that has merits not found in week/weekend long tournaments, but I still voted "No" because I think it best answers the spirit of the question. GSL will still be a premiere tournament, but I feel it's lost much of its identity that gave credence to the argument that Code S was the pinnacle of the game.