Obviously, the shoot out adds time to the event.
Perhaps what you mean is that a shoot out likely takes less time than playing OT until someone scores.
What the hell is wrong with earning a point from a tie?
Exactly, but a full OT period in hockey still might result in a tie and a shootout takes less time and reaches a more definitive conclusion, at least according to the NHL. I'm sure that there were issues with TV networks that precipitated the NHL coming up with the shootout as a solution but they've definitely alienated a lot of fans with it.