I thought so too, but in hindsight (which is always 20/20), it brought a lot into focus of what kinds of science they are interested in.
I won it in my senior year of undergrad, and I would say that I had about 0% confidence that I would win because the prompts are so specific for someone just getting into research. My advice would be to think very hard about the program of study and how that fits with research -- that has to be absolutely key to how they evaluate you because it was the only thing I can think of that set me apart.