I voted yes. Hivefest is still something that creates the sense of community and brings the community together, even if not big masses. I would love to go someday, but don't really want to spend big to go far.
I also miss the earlier days contests. Not for prizes, these were quite irrelevant, like @photogames did it. It brought a lot of people together and was such a fun. Or other initiatives like "How did your username became to be?" and hundreds of people making posts about it. I haven't seen this kind of stuff for a long time. Or I don't know where to look to.
It essentially has to be in Europe or SE Asia. The US (especially now) is far too problematic for visas.
Yeah, those competitions used to be popular. The was also the silly, but fun "colour" one, where each day of the week was a different colour prompt. As long as they aren't spammy, I don't mind. When people use the prompt to put effort into creating something cool, I am all for it.