Women can receive cash and scholarships for participating in the program. They have a way to show off the talents that they have worked so hard to learn. They have a way to show everyone how hard they have worked to look great. The pageant is a great way to celebrate women.
The Miss World competition has lost relevance. Its fading popularity was last focused on in Miss Congeniality, but has been deteriorating (very quickly, it seems) ever since. If the competition hopes to survive, it must rebrand and become something more modern. Perhaps new ownership and/or sponsorship is needed, or the event's format needs to be rethought.
Beauty pageants are a throwback to different generations with different customs and mores. Of course, there is still plenty of objectification of the female body. However, women are much more important in the workforce today than they were decades ago and their importance will only increase in the years to come. As women become more important and in many fields may surpass men in earning capabilities the value of beauty pageants will only continue to diminish.
Women are more than pretty faces or grace or even the ability to answer an inane question at the drop of a hat. Any competition that puts its primary focus on looks is irrelevant in the modern world. Morality clauses, the huge entry fees and related expenses, and fierce competition that isn't always friendly are only a few of the ways that beauty pageants get in the way of the world noting true beauty which comes from actions.