Kalshi events vs. actual market volatility

Been watching the Kalshi events for some time, and it feels like a lot of the higher-volume contracts, especially around things like CPI or Fed rate hikes, are priced in far too efficiently, almost mirroring what you'd expect from the spot market. Where's the edge?

It makes me wonder if the real play isn't in these big macro events, but rather in niche, less-covered markets where the information asymmetry might actually be exploitable. For instance, comparing the spreads on something like a $UGAZ movement versus a Kalshi contract on a specific energy report. Or even currency pairs, trying to model if $USDCAD will close above 1.41. Am I missing something crucial about how others are finding value in the macro events, or is the edge just incredibly thin there? Push back if you think I'm off base.