Purely from a business perspective the CFG model is a tough one to fathom. Unless they have a single brand which is marketed globally I don't see how they gain from having many brands/clubs under their banner. And its not like the consumer/fan is going to follow more than one club so dispersed brands with their own unique consumers doesn't sound that convincing without common denominators. Plus it stretches management bandwidth and drivers of success are sure to be different in different geographies. Also from a Man City perspective you would think that the club management would prefer to see more Man City fans in say New York or Mumbai rather than NYCFC fans or Mumbai City fans. So in a way these clubs compete too.
It makes more sense as a billionnaire collectors items. But as long as they aren't bleeding cash too heavily who am I to complain. Shiekh Mansour is a man who has two mega yachts...why not a dozen football clubs?!
Feeder clubs (within the same pyramid) create a form of subservience too, don't they? I would much rather that the EPL incentivise transfer/lending of players to the lower leagues, that would give the players more game time and would help the clubs in the lower tiers get good talent.