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My opinion only: (Please take it positively no offence on anyone)

"A LaTeX competition to promote LaTeX to the masses" : Good Intent to promote to masses and great idea as well for competition.

But "should TeX community should do the same ?"

Not sure, but I agree with other answers and points and to add: TeX is different species/OSS world all together compared to commercial world.

"Holding a competition would show the world what TeX has to offer".

1. Before going for a competition: The whole educational system starting from schools and colleges should have a mandatory/elective Typography:LaTeX course(atleast beginner level) and children/students should be encouraged to submit in LaTeX homework etc..

2. Even before that: The TeX teaching infrastructure (teachers who know them/management/webportal) , course web portals and even the presentation used to teach LaTeX should be in beamer/powerdot/slides.. not in .ppt/x which is sometimes a irony that "TeX is better than Word" delivered in .doc and .ppt. and finally the whole lab/college/secretaries/administration going open source which is very much going on in some countries.

3. Any competition needs some skilled people to gather and share their expertise which can be harnessed during early school days not after 30 yrs avg age.Hence mini-competition's should start in schools/colleges before expanding to great heights.In that TeX would spread over wide professions. Notice many professions use TeX not only in academia.

"Just imagine if that was for TeX ? This could be a way for TeX to break more into the mainstream".

We have grow steadily and systematically with the above mentioned points on harnessing TeX from school level onwards over years and thereby we get the prospective TeX olympiad people for future.

Remember TeX is not learnt/mastered in one day conference or few days competition, instead of wasting resources(money/manpower on useless things) we need donate the money towards the TUG and it's affiliate projects upcoming projects eg: LaTeX3

Note: MS was getting free testing for it's software, nurturing some future interns etc.. and getting some feedback while this so called competition is going on. It does not do any favour while TeX ecosystem is something vice-versa. But I don't have any averse feeling at any, love all.

Thanks to all TeX.SX/TUG and many TeX people for all their knowledge and patience in bringing it together.

TeX related proceedings/Conference and Journals:

TUGboat, PracTeX and many more world-wide based TeX user groups proceedings/conferences are in a way promoting/ giving an opportunity for all to exhibit/communicate TeX skills and doing the same as mentioned in your Q and also much more.

TeX.SX competition related Q's

Contest: Show Off Your Skillz in TeX & Friends [TeX.sx birthday]

Competition time: Design an error page!

My opinion only: (Please take it positively no offence on anyone)

"A LaTeX competition to promote LaTeX to the masses" : Good Intent to promote to masses and great idea as well for competition.

But "should TeX community should do the same ?"

Not sure, but I agree with other answers and points and to add: TeX is different species/OSS world all together compared to commercial world.

"Holding a competition would show the world what TeX has to offer".

1. Before going for a competition: The whole educational system starting from schools and colleges should have a mandatory/elective Typography:LaTeX course(atleast beginner level) and children/students should be encouraged to submit in LaTeX homework etc..

2. Even before that: The TeX teaching infrastructure (teachers who know them/management/webportal) , course web portals and even the presentation used to teach LaTeX should be in beamer/powerdot/slides.. not in .ppt/x which is sometimes a irony that "TeX is better than Word" delivered in .doc and .ppt. and finally the whole lab/college/secretaries/administration going open source which is very much going on in some countries.

3. Any competition needs some skilled people to gather and share their expertise which can be harnessed during early school days not after 30 yrs avg age.Hence mini-competition's should start in schools/colleges before expanding to great heights.In that TeX would spread over wide professions. Notice many professions use TeX not only in academia.

"Just imagine if that was for TeX ? This could be a way for TeX to break more into the mainstream".

We have grow steadily and systematically with the above mentioned points on harnessing TeX from school level onwards over years and thereby we get the prospective TeX olympiad people for future.

Remember TeX is not learnt/mastered in one day conference or few days competition, instead of wasting resources(money/manpower on useless things) we need donate the money towards the TUG and it's affiliate projects upcoming projects eg: LaTeX3

Note: MS was getting free testing for it's software, nurturing some future interns etc.. and getting some feedback while this so called competition is going on. It does not do any favour while TeX ecosystem is something vice-versa. But I don't have any averse feeling at any, love all.

Thanks to all TeX.SX/TUG and many TeX people for all their knowledge and patience in bringing it together.

TeX related proceedings/Conference and Journals:

TUGboat, PracTeX and many more world-wide based TeX user groups proceedings/conferences are in a way promoting/ giving an opportunity for all to exhibit/communicate TeX skills and doing the same as mentioned in your Q and also much more.

TeX.SX competition related Q's

Contest: Show Off Your Skillz in TeX & Friends [TeX.sx birthday]

Competition time: Design an error page!