Cricket needed to do something to get more punters in. Only so many people can fill seats at 5 day tests and one dayers. The entertainment is cheesy and yank inspired, but this is the age of crowd engagement.
T20 was clearly what people wanted - a game you could get to after work or not take up most of your weekend. I don't follow the cricket closely, but there also seemed to be far more top level cricketers around, than there were games and comps for.
Footy never had this issue, so either ALFX is a solution in search of a problem, or just a desperate cash grab from a mercenary organisation who spriuck monorail salesman's slogans about 'growing the game'.