As with many things concerning writers' dilemmas, I've searched out info on the contest option and received two disparate attitudes. I often encounter bio stories by authors who credit "winning contests" as furthering their publication prospects and writing career in general. In these cases, it seems as if a contest win is as laudable as a publication credit. On the other hand, I've encountered the "don't waste your time with contests" attitude, implying they are not worth it and, as is suggested here, money-grabbers.
As for the odds of winning, they do seem astronomical--loads of people submitting any kind of poem on anything to ONE place now. There must be at least a handful of equally great poems submitted and one wonders if awards must then come down to judges' favored topics, lines, etc.
But if you feel you have a great poem and have the prospect of that "honor" and cash prize before you, I understand how a person may find it hard not to go for it. There is also no journal scouting--it's simply: "Send HERE."