Well of course the much lamented National Folk Music Festival in Sutton Bonington of late had one every year ... prize was a pewter tankard (inscribed) for the best unaccompanied traditional song. Nothing more than that (although for a short while winning it gave you entry to another competition run by Brewers (??) which led to a possible recording session). I entered it in 2000 for feedback, as I had been for a number of years previously, and knew that the judges were honest in their remarks, but kindly. It was unthreatening (well, sort of ... I seem to remember feeling remarkably nervous at the time), and you felt as if you were among friends. The aim was, I think, to provide feedback, and to help you improve your singing. (Ultimately, of course, the judges' opinion was always going to be subjective, but as a member of the audience in previous and subsequent years, I tended to find that I agreed with the remarks which were made).

As to comments about competitions of this sort being newsworthy, I don't recall that side of it at all!