Stream team members noted a few are dedicated to specific items buuuuut…
The event is specifically for people leveling up new characters to give them an edge gear wise, to expedite completion of the story to head into Arm’s Race sooner.
Ideally, it’s for new characters, or ones you finished the story with but have all those extra levels to get if you skipped sidequests and DLC (something I have been doing so I can play then with mayhem active on new characters).
I run NVHM and then immediately run TVHM sans any sidequests or xp farming, so for anyone playing that way to level up, this definitely is a welcome perk of they are playing on lower mayhem levels or no mayhem.