I have only watched bits of it. I think for them it's the thrill of the chase. For me, coupons are useful when I need the item. If I don't need it, that's still $2 or whatever wasted. I don't want to treat couponing like another job and spend hours and hours at it. I have better things to do with my time.
I also don't have the space to store deodorant for 30 years or 10 years' worth of toilet paper. I get the concept, but I don't think it's practical for the average person. I know someone who talks about what she got...and then I find that she donates a lot because she really doesn't need 20 bottles of shampoo.
I will often use the store's card price with a coupon and get extra off (especially if they double), but I don't then buy a ton of them. We buy certain things in bulk - toilet paper, paper towels, toothpaste. Things that will last. I don't want 30 years of deodorant because sometimes they quit working after a while. Then what?
I do see it as a form of hoarding for some of these people. Is it being thrifty or is it an addiction/obsession? One has to wonder.