There are already consolation prizes for participation. Depending on your level of skill/dedication, you get a varying accessory at the end of the season. If you put in more effort and are more skilled, you will make it onto the leaderboard for greater rewards. Even further up the leaderboard are more coveted prizes.The fact that they're time-limited rewards is both an incentive to participate in this type of content for the wider population, and a nod to the small, tight-knit community that has continued to support this type of content through its infancy.
I personally support more exclusive rewards of merit, it adds a bit of awe and encourages people to actually try. This game (or it's players) is plagued by entitlement, players feel like paying their subscription entitles them to everything without working for it. There's no fun in that. It's a game, just play. Especially in a competition, the (nice) rewards can't just be given away, it devalues the very spirit of the content.