I am arguing that the fact it exists at all is an indictment of our spelling system. I agree it is a contest and it starts with ten million contestants and ends with one winner. But it is like a contest in which one ten year old in a million can walk a hundred feet. That works too, but shows that the society is wrong to break childrens' legs six times a year.
We should fix spelling and then have a vocabulary bee instead.
"But it is like a contest in which one ten year old in a million can walk a hundred feet."
No, it would be like a contest where a million ten year olds had to walk as far as they can, and the one who walks the farthest wins. Just because not all the year olds can walk as far as the winner does not mean that walking is too difficult.