Hey Drew,
Before last year, I never had an inkling of a desire to compete. Trained for a solid 7-8 years or so, and even though many encouraged me to compete I just was never interested at all. I didn't see the point of it, and perhaps I had a skewed perception of it (believing it was encouraging people to focus on "winning" rather than bettering themselves.. who knows!).
Last year (when I had finished up training in my old style), something within me was drawn to competing. I couldn't tell you why, but the first tournament I did I absolutely LOVED. (I had done one or two many many years ago in my first style, but that was yonks ago)
I entered it as what my rank was in my old style (4th Kyu), so was in the 5th Kyu to 1st Kyu Advanced division. Was in the point sparring and forms division, and did quite well.
Now I'm hooked haha, and have been competing since.
Honestly, I do it moreso for the experience of it. There's nothing like stepping out onto the mat, walking into the centre, and performing your kata in that atmosphere. It's quite surreal. There are so many other things I love about it though (as others have mentioned). I love the weeks spent preparing for it and bettering my skills. I love meeting more martial artists, the comradery and supporting each other on the day, even though you've only just met them.
I love the silence and focus when performing your kata, and that feeling of being in the zone, and focusing everything on that moment, and doing the kata as best as you can.
I love the speed, agility, footwork, strategy, excitement and explosiveness of point sparring.
I like going for the challenge of it, and being willing to put your skills under pressure.
I love just how fun and rewarding the whole experience is, even if you don't win, you've gained experience, and learned a bunch.
Not everyone likes competing and fair enough, but I'm a convert

. I let go of my skewed view of it and gave it a crack anyway, and it was a great decision!
Are you thinking of competing Drew?