Lol, whenever I see dudes like this who are WAAAAY above what their competition is gambling, I feel like that has nothing to do with competition and they were just gambling at the right time. Think about it, if it was purely just the competition they were interested in, they would have wagered just 0.1 more than the second person and they would have been ahead, if anyone passes them that would mean they can come back and pass them again, they could have done this until the current high amount they have instead of going for that right away from the start.
This means they are not after the competition, they don't care, they were just gambling boat loads and were having fun and that just happily were at the same time as the competition which helped them a lot as well.
There's no prizes for the 'competition' (if you can really call it that) so there's zero incentive to place 1st/2nd/3rd/etc. What you see for the leaderboard is basically just how much people are wagering normally. I bet volume would go up and there would be some real competition like you described if prizes were offered.
Such competitions expected to be more frequent / ongoing in the future.