If the World Pizza Cup was created solely to give Tony and his teammates awards, then I think it's pretty funny. And I don't know that that would make that pizza competition much less valuable than any other pizza competition.
Having competed in a couple non-culinary competitions, I can vouch for that. For the largest dough stretch competition in 2004, the dough they gave us to stretch was just about rock hard. It wasn't pizza dough, and it effectively took skill out of the equation. In 2005 the dough was even harder. After that, I lost interest in competing. But if the dough just would have resembled real pizza dough, there's a good chance I would have won at least one of those competitions. And winning would have generated some media attention, which may have helped me attract funding to open a pizzeria.
The competition meant nothing, yet it meant everything.
But a perfect example of what you're saying is what happened in the "acrobatic" competition in 2004, after Tony and his crew formed WPC (instead of staying aligned with the organizers of this event). For the first time ever, somehow Tony didn't win. After the results were announced, Tony went a little apesh!t, accusing the organizers of rigging the outcome. It happened right in front of me, and I wasn't impressed with his behavior. But once I finally saw video of the competition (in Pizza! The Movie), it was hard not to agree with him. (I was too busy taking pictures to pay attention while it was happening.)
So yeah, many of these competitions only mean anything if you've convinced yourself they should mean something. But they can also help certain individuals live their dreams while shattering the dreams of others.