To each his own. If I lived in the day skiing area to Monarch I'd be buying the pass in a heartbeat. I'm not buying an Epic pass at pretty much any price, as in my opinion the ski experiences at the places you can get to from a Monarch pass (within Colorado) are superior. Unlimited days at places out of state don't really add value for me, because at best I'd be getting out there for one weekend.
Having 3 days at most smaller areas in state is quite enough for me to add variety and ski with friends and family in different parts of the state.
My trip to Monarch for closing weekend in April reaffirmed what giddy fun a Monarch powder day is.
That may be true for you living in southern Colorado, but for people like my dad the Epic pass makes the most sense period. He lives in Georgia. We have family friends who live in Breck and we spend a week over New years with them every year. He also has a group of friends that he does a skiing trip with every year. They often go to the Tahoe area where his pass is also good. Epic pass takes his trip prices from incredibly expensive to the realm of possible. Honestly this is where Vail makes the big money, out of state people who travel once or twice a year. They found a honey pot that captures all the expenses of the traveling person.
Another category is college students. When you don't have a car it's way easier to find a ride when you have the option of going to five resorts versus 1 with pass days at more obscure resorts that are pretty much gaurentteed to have no one else from school going to them.
You also discount the apres ski factor. Breck does all kinds of concerts. This past year they had Macklemore come up and 3oh!3 and Matisyahu did free concerts. They also do things like beer festivals, chili cook offs, ect. That adds a lot of value when you are on vacation or spending the weekend there and not a die hard skier.