Formula 1 - Competing for innovation and inspiration

I just watched "Formula 1: Drive to survive" on Netflix. I was awed at how contesters push the limits on car technology, driving, repairs, and monitoring. Watching it also made me more interested in cars

Racing provides a playground for car companies to really innovate by offering a different set of requirements and constraints than their regular business. The excitement of it all has attracted a massive, engaged audience, which has helped fund the activity. It is a brilliant setup.

In any field, competitive events push the limits, exhibit and celebrate top performers, inspire others, and generate excitement. Olympics and marathons push limits of fitness, training, and sports wear technology. Toastmasters competitions push on public speaking abilities.

It makes me wonder if we should be extending this model and creating competitions for other professional areas to spur innovation and excitement. Say, a competition for plumbers to see who fixes a leak the quickest, a competition for data scientists to see who comes up with the best predictive model for a situation, or competition for doctors to see who diagnoses correctly first.