Those sort of contests used to be incredibly popular for shopping malls and car dealerships and such to put on back in the 1980s when we (as a nation) were reeling under the effects of then President Reagan's trickle-down economic policies that were driving the lower middle class into near penury (much like now).
I think they appeal both for the chance to 'win' something and for the entertainment value - I recall one put on by a car dealership that lead to a near riot in a mall in Denver. The contest required the participants to keep one hand (at least) on the 'prize' (a car) for 24 hours (and yes, there were NO bathroom breaks allowed).
As is often the case, the final three candidates were all female. They were tired, cranky, hungry, etc - literally at the end of their ropes. One of them was accused by another of lifting her hand from the car while switching hands. Screaming and cursing ensued. The accuser lost her temper and took a swing at the accused - who managed to keep her hands of the car. The combatant was evicted from the contest.
She was dragged away, literally . . . and came back 10 minutes later with a group of her friends, invaded the area . . . and all hell broke loose (as it can only do when women are doing the fighting). They showed it on the news for weeks!
They gave the car to the third contestant, who maintained the presence of mind to keep dodging the fighting for as long as she could, even climbing on TOP of the car to keep contact.
Crazy stuff.