>

I... sort of agree, but for different reasons.
Yes, it's mostly about looks. No one's denying it. But thing about looks is, beauty is subjective. "In the eye of the beholder" and what-not. I've seen plenty of girls every day, who are more beautiful to me, even with no make up, than all those models. 
And no one's setting standards. Whole point is, that that's supposed to be the best out there. Not standard. And no one forces the women to participate. They want it themselves. Who are you to decide what's "pointless" for them?
The women who participate are into the whole thing. From what I've seen it seems very superficial, they are trying to get more preparing for success rather than the success itself, but whatever floats their boat. Whether anybody wants to watch it or not a separate matter, but at the end of the day it's just one of countless ways to waste time. >

Life is pointless. Checkmate >

I've competed for my country (about 10 years ago) and honestly, it was just easy money as far as I was concerned (like you have to pay for everything but if you win or do well, you'll make money from modelling afterwards). 
I didn't care about modelling, nobody cared about my personality or likes/dislikes.
It's 100% about looks and it looks kind of old fashioned now.