It's a world of 'Festivals Of Running' MUCH more than it is a world of competitive racing, but most of you are too blind or stupid to see what's happening in front of your eyes. I would be big money that every marathon in the US could go to a format where the winner gets no more than $1000 and there would be ZERO impact on the races themselves.
I'll go further. You could turn all but four or five large marathons in the US into Running Festivals with closed courses, support, finish line, etc, BUT NO TIMING ON COURSE OF ANY KIND, and it would make ZERO difference to participation.
People other than runners themselves DO NOT CARE about running and even most runners DO NOT CARE about racing. They care a tiny little bit during the Olympics. For a few minutes while events are occurring on their TV. That's it.
As for me, if I could run in large-city RUNNING FESTIVALS and pay a few bucks less for no timing but more camaraderie and fun, timing myself along the way if I so choose, I wouldn't think twice about choosing those instead of timed 'races'.