From RPI’s perspective, it probably is useful as a recruiting tool. If it encourages a kid to take a look or even submit an application, it is worth it for them. Truthfully, qualified students probably would get equal or better merit than the award so those with interest are going to still be motivated to apply. I think the kids it really is valuable for are those that want to ED but need to be assured of merit.
Our (private) school submits every year. They submit the kid with the best science and math scores.
Our local public school doesn’t submit and I think it’s such a waste. I’ve been informing students that I know would qualify to give their guidance counselors the information. It might be readily available, but our counselors are notoriously lazy.