We know the statistics. That is not the point though. It is absolutely not negative EV at all.
If you have 10,000 and everyone at the table shoves you are on average only a 34% favorite to win as you say.. But if you win you have 90,000, either making you chip leader, favorite to win, or if you're talking about the final table then the overall winner.
Or you can keep your 10,000, live to fight another hand and go on with the tournament. Some may choose to do this but it does make it a positive equity move due to the fact that if you win this crazy all in hand you become the favorite to win the entire tournament. Rather than going for your min cash or whatever it is you are doing. People are supposed to play to win 1st, that is where the money, as well as the glory is
I will take a 1 in 3 chance at becoming a dominant force in the WSOP and going for that big money/bracelet rather than folding and testing my skills against a shark infested field personally.