Where does the formal version fall short? Monty himself actively tried to mislead the contestant. He knew them, and tried to persuade them. This was a key part of the game. He said the formal model kills all the suspense. It'd be too boring to watch.
In other words, Monty Hall operated in a large world and it's in that context the Monty Hall problem is interesting, whereas the formal "Monty Hall problem" chops it down to a small world that is not faithful to the real world version of the problem, and on top of it all is boring.
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