Should the Army do away with SM/Drill SGT/AITPSG/etc. of the year competitions and find a simpler way to recognize SMs?

Your focus is too narrow-not that I am unsympathetic to your feelings. These events may seem outsized when considering those few who do succeed, but there's more going on than just that, and its also--perhaps more so--about the larger force, than just the "winners". Not unlike promotion ceremonies where PVT Snuffy stands in front of the battalion to get their next rank pinned on, these ceremonies are intended to play to a larger audience. These things are done to enhance solider focus, and motivate the larger force to better themselves, which better serves the Army.

With respect to Whatever of The Month/Year/Cycle events, it encourages competition which enhances personal knowledge and skills across a wider swath of SMs. Many will compete; few will win, but the many who do not win are still better soldiers and leaders for the effort; and the winner is (publically) given their earned respect for their accomplishments and held up as an example to others. That serves the purpose of not only recognizing the individual's superior performance, but also acts as "goal setting"--a powerful cognitive motivator--for others.

Yeah on the surface these seem like dull wastes of time. I get it, I'm not one to stand on ceremony, but that's me; and that's just a single point-of-view, not everyone shares that feeling, particularly Big Army. To the greater Army these competitions, events, and ceremonies are not merely about one or two individuals; they are a subtle investment the Army makes in all soldiers.

So how would you develop, identify, and select outstanding service members to recognize.