It's just not out of character with other juried photo competitions. The nice thing about this one is that there's no minimum. I can submit one image for $10. Its sister competition, Krappy Kamera, is a flat $40 for up to five images.
A trophy, yes. And other assorted goodies, not to mention at least four rolls of Ilford film for each of the top three placings. Not too shabby -- but no one's really entering these competitions for the prizes (certainly not the trophy).