I really think the current system needs a change, because right now it seems quite unlikely to encounter the kraken and it's a shame that the mighty beast goes unnoticed by many players.
I played my fair share in Gamepass, but I bought the game not long ago and in 140h I haven't seen it once.
Maybe making it a world event o making it a random encounter like the megalodon (not depending on world events and such) might be a good way of increasing the chance of the encounter.
