Asynchronous PvP creates the unusual possibility of having something called “PvP” that never brings you into direct conflict with another player, where everyone playing wins, and the computer takes the losses on behalf of the players. Reward-seeking players will often create nigh-asynchronous PvP situations.
Given the chance to pick the fight, most people pick fights they know they will win. Given three potential targets to attack, with equal rewards for each, most players will pick the weakest target. Or the weakest (for them) — if you play Scissors, you will choose to attack Paper while you are online, then your offline team will be attacked by Rock.
It can be frustrating to have offline losses you cannot do anything about, particularly if those are scored for competitive rewards, but if PvP must come out to 50% wins on average, everyone seems happier when the computer takes almost all of the 50% losses.
Most of my links there cite examples from Marvel Puzzle Quest, where indeed you almost always win any fight you choose to participate in and lose most of the offline fights. Reference also Guild Wars 2, where karma trains are 90+% PvE content under the name WvW, where everyone gets more reward from trading captures on undefended towers. Look back to the less extreme case of early LotRO PvMP, where most people won most of the time because each team flocked to the battlefield where it was winning.
I can’t say it is much/any worse than the regular PvE grind, apart from the design time half-wasted on PvP content that will not be used for PvP. Maybe I should be pleased for the species that self-interest makes cooperation a favored path even with an explicitly defined competitor. But it seems hollow.