I have been involved in photographic contests, competitions, etc., whatever you want to call them, mostly through a professional association for a very long- long- long time. I participated both as a competitor or entrant and a judge. I also attended many open judgings where I could observe the various scores, opinions, and challenges within the judging panel.
If you want to be critical, find fault, talk "sour grapes", brag, or positively or negatively opine on these kinds of activities, I am sure there is the good, bad, and evil, and some politics you can argue in all of these contests. Whether they are beneficial or just a pain in the neck for you or any photograher all depends on your or their attitude.
I find that, on the whole, they are FUN, can be educational, can keep you on your game, and can, if you are a pro, score up some good PR brownie points in the eyes and minds of your existing and potential clients. If you take these contests too seriously, are a sore loser, or let your successes cause your head to swell- you are in trouble. If you can't take the occasional punch, don't get the ring.
In professional competitions, there are judging parameters, rules, categories, and criteria. Usually, these are not anything outrageously abstract or totally subjective or objective- just the usual stuff like composition, craftsmanship, presentation, technical merit, and specialized points such as posing in portraiture or content in photojournalism. Creativity, originality, and all that good stuff are always a consideration. Usually, these criteria are set forth inthe entry requiems or forms and I you don't agree with these standards, don't enter. If you feel they are fair enough- have at it!
Yes, there can be problems, unfairness, miss judgments, politics, etc. I have seen good images land inthe toilet and mediocre stuff scores too high. Judges are human beings, who have prejudices, make mistakes, etc. but that does not happen too frequently. Usually, the judging panels are made up of well-qualified folks, there are challenges and conversation and most of the results are fair.
I always judge it to be educational. I could observe what the judges thought of my entries and those of others. I especially like the challenges where a judge could challenge and ask for correcting of what he or she believed to be an unfair score. I enjoyed challenging the other folks on the panel if I found an inconsistency when I was judging. You have to make your cases quickly and concisely and ask for a re-score.
Bad things? A few! Sometimes folks begin to "shoot for the judges" instead of being creative, different, or out of the box. I have heard photographers say that they know who is on the judging panel and that "that guy or gal likes low-key portraits of old wrinkled guys or pastel-like image of babies in high key", whatever, etc and things stagnate.
If any of y'all feel that entering these competitions is beneficial, educational, stimulating, and/or fun, as I do, go for it. If not, nobody is forcing you to enter. Be realistic, you win some, and you lose some. I always learn SOMETHING. It could be how to improve my work, or that I am a good photographer, or that I learn how NOT to judge or run a competition. I especially like the ones where after the competition there's a critiquing session of the images that did not score well- postmortems if you will!
A for ribbons, trophies, and accolades? I always said that I can visit an agricultural fair and see animals get ribbons for being the biggest pig, the best of the breed as a cow or bull, or as somebody growing the largest pumpkin. The award shows on TV give me a headache, especially when all my favorite actors show up in the "In Memorium" category. Nonetheless, award-winning movies and shows sell more tickets and attract more advertising revenues. So, I try to win a few trinkets, plaques, certificates, and trophies, and "proudly" display them in my showroom. The clients think the are cool and I don't need to brag!