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Well, I guess it would be interesting to know how many ski teams have ever killed a motor by water ingestion and had to pick up the repair tab. I have to believe that after the first time, the club would put a permanent stop to this or any other activity that had the potential to cost them a lot of money they don't have, and ruin a week or two of shows. But as you suggested, this stunt has been around as long as there have been twin-rig Hydrodynes, which is about 45 years - and it's still going on, which probably tells you something.
As for the factory sponsorship, I would assume it's similar to what my TV fishing show friends get - wholesale cost on the boats, motors and accessories, most of which they can recover if they sell every year. I think most ski clubs hang on to their boats longer, because there can't be much of a market for rigs like this.
Just make sure the pontoon has a a fridge with an ice dispenser, and a grill so you can whip up those hot beef sandwiches!
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