I was given over to thinking about this since I'm undergoing a transition in my life right now from being able to compete at high levels versus a more toned down, moderate approach.
I don't see the point behind racing if you're not going to contend for the win ( I mean local races ). And yet, there are thousands of runners who toe the line knowing that they have zero chance. Maybe an age-group win. Big whoop!!
Why else would you race? The medal..that's silly...the T-shirt...that's way overpriced...the people...why not just run with a club or large group regularly...the time...why would that be relevant if you're obviously not as fit as you could be.
Case in point ( I'll use a less extreme example) Someone who used to run 15:00 for 5K and now can only get to 17:30-18:00 off the current training. Why the hell would he race? I'm not advocating he quit running, but why race?
Second case: A 35 year-old male, can bust out a 19:30 5K on a good day. May sometimes grab a age-group win due to a weak field. Why would he spend $30 on a race where he'll probably finish in like 20th place?