They were never about getting something really useful, but about enjoying the character's progression. The development didn't end at level 70/75/80, just something else was happening. Of course, it seems unnecessary for people focused on getting great equipment, such as the best prizes. But for those who want to have fun and, as happens in RPGs, see the character develop, it was a very nice addition. The lack of which currently reduces a little the desire to continue playing after level 80.