For some guilds it's for the fun and some do it for the competitive aspect, personally I don't care about winning or making it that far so I find fun in it by joining a team of new players so they can experience it, they don't care about the hats or losing (although most do want the item or something)
Then there is some guilds who see this as a chance to show that their guild is more out standing than others, which is fun as well.
On-Topic: I heard Mother was participating so I think they might take a title or come close to it possibly