If this was a drill event then i'd agree with what you're saying, But meh the drop rates are pretty low and i don't really think an extra month is going to completely ruin the economy.
The drop rate seems fine to me tbh. People have been complaining about the low drop rate but it actually resembles that of Canna's to me, but with lower mob density. During Canna's I could roughly get 1 flower every 7-10 mobs, but with ribbons I can get 1 every 10-12. It's not that much more of a stretch imo, especially since Cherry Blossom is sparsely populated, unlike during Canna's.
Honestly if the map was full up I'd also suggest an extension, but since it seems like people don't want to participate I really don't feel the need for an extension even though we all know the next patch should be a filler one.
Also @aran Elixirs were not exchangeable with Canna's during the event, unless it was low-key added later and wasn't updated on the main event page but a later post of which I was unaware of.