"Is farming really all that bad?"

Depends, I don't think it's bad at most situations... As long as it doesn't take players time from more important things that is. I consider farming/gridning as only part of process, the most boring part of an experience... If it was the whole processor (Money leeching Mobile Games) I'd suggest playing another game.

Farming game items to earn money (real or in-game) of MMO isn't that bad too. In some cases it might be the only job the player can do (and excel at) to earn their living (In China or in a cheap country).

But farming should be the choice of the player, it's boring and kind of chore... So unless you have a clear goal when you start farming in games (and in MMO case: not because someone told you you can earn money that way) that way you can see how close you are from getting to your goal.

And can force yourself to stop and when you know it's enough!!