The burn is an important part of the pepper experience. For some, building a tolerance to capsaicin is a hobby. They're not missing the point, they're just eating them for a different reason.
And what's nice about building up an extreme tolerance to capsaicin is that afterwards you are able to better experience the flavor of peppers, without focusing entirely on the heat.
Yup, I've been eating super hots for a number of years now including fresh Carolina reapers. They simply don't hurt at all when I eat them and honestly, getting past the heat really brings out the ability to taste the flavor and I can tell you from experience, if you are experiencing pain, you aren't tasting the flavor.
For anyone picking up the hobby, know this, you will reach the point where your stomach and other parts of your body will become a limiting factor so build up slowly. I own a bidet.
AFAIK, the seeds tens to be coated in the oils from the surrounding flesh and bring heat for that reason, but less than the ribs themselves. I don't think there is heat in the seeds, but that's something of an academic distinction in most cases.
And what's nice about building up an extreme tolerance to capsaicin is that afterwards you are able to better experience the flavor of peppers, without focusing entirely on the heat.