I don't know about that. While being a good hacker probably correlates with being a good engineer, I think that the focus on "hacking" excludes a lot of very capable people. I know from personal hiring experience that a lot of qualified people are put off by the emphasis on being a hacker.

To expand on this, I don't think winning a multi-round programming competition (that is, successfully solving multiple algorithm-based problem statements under a time constraint with the highest accuracy and speed) is the best indicator of a good hire.