The only loser is the Internal Revenue Service. However, it was Congress that saw fit to allow these tax treatments and thereby allow taxpayers to redirect funds from the treasury into the charity of the taxpayer's choice. Normally the portfolio of investments would include stocks and bonds. In this respect a CRT is much like a retirement plan. The assets in the plan build value in a tax deferred environment.
Difficulties arise when investments are made in assets other than stocks and bonds.
IRC Sections 511 through 515 concern the taxation of business income of certain exempt organizations. The exempt organizations that fall under these rules include charitable organizations and qualified pension, profit-sharing, and stock bonus plans. The purpose of these provisions is to tax unrelated business taxable income. Sections 511 through 515 were made law because Congress did not want exempt organizations who pay no taxes to compete with businesses who do. Holding stocks and bonds is fine, but going into business in competition with the guy down the street wouldn't be fair, as the exempt organization would have an unfair advantage by not having any tax obligations.