Its OK for it to not be completely thought out. It is a startup. They probably don't know how to make money from it. But I'm curious as to what checks they have to avoid gaming. Its pretty straightforward to build various bot to commit, evaluate, and accept code. Some people might even get a kick out of making such things... ;)
Edit: Spelling.
Thank you for clarifying it. I agree everything hasn't been fully thought out, and there's lots of questions that needs to be answered. This is why we welcome any feedback people may have as it will help us clarify things.