So, like the olympics, the important member organizations put a reasonable enough amount of effort into it to ensure they're represented well? Like, I really should be looking at UCF as a college that produces some of the best programmers in the US?
The members that perform well are those who have the organisations which care. It doesn't necessarily translate to a great CS program at the university. Sometimes teams are also carried by one or two brilliant competitive programmers that crop up from somewhere and then disappear in four years time.
If you attend UCF, join the programming team, and make it to regionals your peers will be some of the best programmers in the US and you will be able to rely on those connections for the rest of your career. Just attending UCF guarantees little.