I mean, if there are EM docs who want to spend a year not being miserable in the pit doing a fellowship to give them a leg up on a faculty position afterwards, I say go for it. The fellowship also puts them through a faculty development program via ACEP. Nobody does a wellness fellowship or academics to hit FIRE by 40. Not everyone needs to move to the southeast chasing the $300/hr SDG gig of the past.
Most of these non ACGME fellowships pay outside the GME structure, though PGY4 pay at Stanford is about $93,000. If you need to be in the Bay Area for personal reasons and the options are to make $170-200/hr for 16-18 shifts being miserable or make ~$120,000 (usually these pay more than the GME schedule since you can bill) in exchange for 8 shifts (~160/hr depending on shift length) per month where residents do most of the work plus any moonlighting in addition to those 8 shifts, it starts to not look as terrible as it seems at first.
Obviously it isn’t for everyone and calling it Physician Wellness is a bit silly, but it seems like it is a way to develop a faculty niche for the right person. I also think it would be more of a waste if you didn’t have a name like Stanford behind it too. It’s kind of like getting an MBA at Wharton vs WGU; the latter is a waste 99% of the time. There are worse things to do with your time and career.