A 100% random RPS AI doesn't have a poor 1-on-1 win rate against any other RPS AI, but it absolutely can have a poor rate of winning
tournaments, if "poor" is defined broadly enough. For a tournament that pays cash to the top 10%, most human players would consider anything in the bottom 90% to be poor, which would include a 50% win rate from a random AI.
This happens because some entrants aren't 100% random, and the worse of them can be exploited by the better of them. What happens is that the results involving any random AI essentially degenerate into noise, while the tournament is really contested between the nonrandom entrants and will be won by the one of them with the best strategy.
Put another way: to win or place highly in a tournament, you don't just want expected win-rate, you want variance. If there is no difference in reward between a 50% win-rate versus a 10% win-rate (both are far out of the money), but there is a big difference between a 50% win-rate and a 90% win-rate (the latter wins the tournament), you will seek the 90% at the cost of potentially ending up at 10%.