i used to find it a hassle on the paper work to be filed when i want to add a payee, especially when i am overseas.
but thinking out loud, there are real objectives to such a procedure. The main one being that if your account has been compromised for one reason or another (i.e. both pass words and token been taken over by someone) then the best ATM way to rip off your assets is thru 1. adding a payee, 2. paying into that account, 3. withdrawing and closing that account then bail out.
so in that context, what hsbc does is indeed an added layer of protection especially for people like myself who tend not to check my account for months at a time (when not in hk).