It's the cost of failure that's different. If you loose a hackathon everyone gets a high five and goes home empty handed. If you loose at your job(in the US) you have no income, a very high COBRA payment, and possibly a major visa problem. All of which are a fantastic way to start a recession.
It's fairly common, actually, to have completely optional hackathons. I guess it would depend on the social circles you hang around, or if you falsely believe that there is actually an "or else" consequence.