Why do you do competitive programming?

I know most of you does it for fun, but when it comes to practicing 5+ hours a day, I don’t think it should be just for fun (or you’d be wasting your time).

What do you think competitive programming would do for you? Get you to a college? A dream job?

One month ago (and until now) I’m practicing for minimum 3 hours a day, and this really affected my school grades. I don’t have much time for studying anymore. However I’m doing it to improve my skills in order to be able to achieve a medal in the IOI, which would boost my admission to one of the top colleges.

I was wondering what do you think, and why do you do it?