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My answer to the "why" of fanfic is "why not?"
As for quality, yes some of it's terrible - but that's no different than what you get with indie books. It's like any unmoderated outlet - the quality is widely variable, ranging from the incredibly good to the incredibly bad with everything in between.
Read or write it if you want to, don't if you don't. I prefer not to, but then again a huge amount of what's out there currently is based on things I'm not particularly interested in. There's no appeal to reading more about characters I never cared about in the first place.
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