There is no need for coding competitions anymore. The competition is Leetcode. The prize: a high paying job.
2. Take all high paying jobs
3. Profit
It is a product of decades of quantitative easing, near zero interest rates and a tech bubble that needed to collapse.
Thanks to GPT-4 and other LLMs, this have driven the need for coding competitions and interview tests like Hackerrank, Leetcode, Codility to zero and having almost no use since everyone will just Ch(e)atGPT the coding interview or competition.
pretty easily solved with covid-era online exam surveillance, i.e. camera on, screen shared and live explanation of your solution. But honestly not even that is necessary because cheating on online tests isn't new and companies are aware of it. ChatGPT didn't invent someone else taking a test for you.
As to the platforms themselves, they are still usable for in-person interviews and practice.