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I think this "Weekly Contest" is a mobile-only feature, as I've never had it.
However, the prize distribution seems to match what has become of Sam's Streak. 2nd & 3rd place both get a single Color Bomb as the prize, and the 1st place person somehow seems to always have a ridiculous/suspicious amount of points. I agree this new system removes any incentive whatsoever to stay involved; once I found myself in 3rd place with 500, I stopped bothering with it.
@Kerrie I made a thread about this issue in Support, but unsurprisingly it hasn't been resolved: new Profile feature glitch β King Community
It's gotta be a glitch as the players in the beginning of my list show normal levels while only towards the "end" does everything change over to L2. Of course, with 118 players at L2, I can't really call it "the end." π