I view it as a variant of the lure of the get-rich-quick scheme.
Another friend was a leader in the College Republicans in the early 1990s and a member of the John Birch society. He “drew circles” to show me how many people got a cut when I bought a $7 tube of toothpaste and concluded with “How does Amway deliver a great product at a low price? [taps presentation board with stick] By eliminating the middleman!”
Amway has always targeted this demographic and I’d say it has the ideological function of vaporizing private enterprise and pushing the idea that anybody can pull themselves up by their bootstraps but the reality is that it is more unequal than the economy as a whole because only a tiny fraction of people can make a profit in Amway.
There are other MLMs, particularly those who recruit women, who have different appeals.