I guess I don't have a problem with it if someone invites you to play another team and it makes sense. The problem is going to be the fan following and ticket sales. If the destination is less than desirable and the fan bases are poor it isn't going to be a money maker for anyone.
As football continues to die off you will see more and more institutions unwilling to take a loss to go play in a small market with poor national exposure with little to no return. The market will correct itself based on that.
I would still like to see an experiment with some northern site bowls as opposed to everything down south if it would work out. I think it would be interesting to see some of the southern teams come up north in Dec and January. I would be curious to see what the following would be for lets say Michigan to host a bowl game at the big house with two neutral teams, would the national interest be there to fill the seats? Would Ann Arbor be capable of supporting the influx of outsiders and would it affect the local economy in a positive way? Would the nation be interested in watching Texas play Florida in the Big House? Would Kinnick Stadium be a cool site for a middle teir bowl and would it make sense?