SBD rewards help get attention so these can be a good thing. Ultimately it is all about attention. I remember entering many poetry competitions when I started here almost a years and a half ago. Even won a couple of them. It did help gain viewers and followers over that time.
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I enter my fair share of contests myself. Half of my SP comes from these contests, if not more than half! They also introduce us to great communities, so hopefully, by the contest, people recognize and are aware of our group!
The SP helped me a lot when I was starting out. It's still helps out even today. And yes I think it will assist you with brand recognition. Best of luck.