I think it's important to remember that any business, SL or RL, has to continue to update and introduce new merchandise in order to attract new customers and keep the old ones interested. Most of us are very excited whenever a new trait is discovered and we enjoy the challenge of working that trait into our existing cats for a whole new look. The challenge keeps people involved in the breeding experience and I think without it many people would be bored. Once everyone has 9T Abyssinian Chocolates, how exciting will it be to go shopping for 9T Aby Chocolates? Not much...
I do relate to the frustration you feel about not being able to keep up at times. Like a lot of people, I don't want to put a lot of money into Second Life because I'd rather spend it elsewhere, so my L$ are limited. Each new "season" when the collectibles come out, I buy between 8-12 new cats. This means I have far fewer chances for a "lucky" cat than do those with massive catteries who buy hundreds of the new ones. On the bright side, I also have far less invested in food/milk and not near as much to lose if the cats do not turn out to have the new hidden trait. In any case, random luck is sometimes on your side. I've had new traits in several of my cats, even though I only got a few, whereas some people I know bought 75-100 and got nothing. Luck of the draw. They get more chances but you still have a chance.
I would suggest that maybe instead of competing in the race to develop new traits, you concentrate on a niche market or a special project. For example, some people breed Vampire or Halloween cats, Black Russians with Vampire ears and dazzling eyes. Others revive retired traits. You can work on creating your own unique style and having something a little different from the rest.