I'm a GSoC org admin for a few years now. To be honest, the bureaucracy that comes with GSoC is really negligible from my point of view. The application form is fairly short, the evaluations during the summer are literally done in five minutes... there really isn't that much overhead.
The part that takes a lot of time for us is mentoring students. You'll very likely invest more time into the student than it would take you to write everything yourself (which also would be more fun). Unfortunately, some students don't stick around, but if everything works out, you'll get fantastic long-term contributors (we did). The upfront investment on the mentor' side may not be everyone's cup of tea (and that's ok), but I think it's unfair to attribute that to bureaucracy. GSoC may just not be a good fit for OpenBSD in that regard.
The part that takes a lot of time for us is mentoring students. You'll very likely invest more time into the student than it would take you to write everything yourself (which also would be more fun). Unfortunately, some students don't stick around, but if everything works out, you'll get fantastic long-term contributors (we did). The upfront investment on the mentor' side may not be everyone's cup of tea (and that's ok), but I think it's unfair to attribute that to bureaucracy. GSoC may just not be a good fit for OpenBSD in that regard.