Any decent business wants dependable people who will follow the processes and work in a team.
I mean, they want people who can do the job. And most businesses don't need a guy who can program fantastically complex solutions in obscure languages at a breakneck pace.
They also don't want to pay above the "going rate", which is inevitably less than what the market actually demands.
So while programming contests are fun, they don't do much to improve your pay scale. Much better to climb the management chain and lead programmers than excelling at the actual work. Then you get to take credit for whole teams and land an outsized bonus as a result.