General question about motivation for 'arching' or finding a 'arch'

I understand the comedic element behind making the whole hero and villain thing into a bureaucracy. But is there any story based significance for why someone would be in this position? Why they would wan't a "arch" outside of being really bored? Does it provide them with any benefit?

I know that in "1910" there was some sort of treaty formed between "heroes" and "villains" that took place at the venture compound according to fallen arches (even though that time placement doesn't add up to me). We also know that the Guild of Calamitous Intent is generally the governing body for villains. There is a extensive rule book stating what kind of weapons villains can use in what situations (S2E2 Hate Floats) and rules on POW's and other misc rules such as Rusty's Law which seems to make little to no sense. Although I get this for the point of comedy.

As a story though, why do people seek out arches? Why do people act as super villains? Is it just because they are bored? Do they stand to gain any profit? As an arch villain doesn't having a hero against you just slow you down?

My guess based off of something the Monarch said is this: Villains may exist for profit or passion. Heroes or those affiliate with OSI etc exist to stop villains. By joining the guild, villains are given a range of general benefits such as "dental" and various "rights" but also "restrictions" and are assigned a properly matched nemesis. So, instead of being a free agent where they run the risk of being stomped out by someone who highly outmatches them, the police, or having no guidance they can join the guild.

Is there anything ever in the story that actually explains this? I should note that I haven't seen season 5 and if you are going to include anything that includes serious spoilers please put the veil over it! Thanks!