Well, for one the advertised increase in Favor after hitting Rank 1 (10%) isn't even in the game (unless it's tied to the Rank 1 cosmetic items, which would be weird since those are anything BUT your class items). I turned in a 100 Favor bounty today and went from 250/3000 to 350.
This increases the average needed Favor per day to 285 (effectively 300) to reach Rank 2 by the end of the event and makes Rank 3 completely unattainable since you'd need over 600 Favor per day.
I'd say options 1 and 2 of your poll are both correct, Queen's Wrath probably is meant to occur on some sort of schedule but the bounties still award way too little Favor. The Vendor rewards are just too bad for the amount of effort needed to unlock them.
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Lol did they not think of any of this before anouncing the event?
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You get 10% or the emblem and another 10% for the shader. Sometimes I forget to reequip the shader so I lose out on 10%.