It's been a while and I now have a lot more context than back when I wrote the post in anger.
Disclaimer: As a result of people I met during the hackathon, I was somehow able to get into Entrepreneurs First, a startup accelerator/residency program and moved from Cardiff to San Francisco. The organizers of the hackathon has lots of ties to people who now fund me. What I say now will obviously be more measured and possibly biased.
There's many types of hackathons, and they exist for different purposes. I went in with the expectation of something similar to Huawei's Tech Arenas where the goal is to find the most technically capable engineers for specific problems (combinatorial optimization, optical network routing, etc) with the ability to communicate tacked on. That is why they're nearly a month long with actual metrics you compete by (latency, profit, etc)
HackEurope is a recruiting pipeline for larger startups and venture capitalists. They are specifically selecting for good pitchers, not technical people (which for them is a dime a dozen)
Having now been in the startup ecosystem for a bit, I can see it playing out very similar to how the hackathon went. Oversell and call it a long term vision when probed & you'll get enough funding to make at least something, even if you have to hire or contract everything out.
I still can't believe I'm here and I feel less and less human each passing day. The temptation of capital chips away daily at one's moral compass.
P.s. Gonna go sleep. The one place I always check is email, so if there's any particular feedback you want me to see, that's in my profile.