Why not use it to hire a couple decent developers. That easily pays for two dev’s salaries and clearly they need some help.
Because it’s like tradition. It would be like getting rid of Halloween, or Thanksgiving.
If they did away with the tournaments PvP would lose even more visibility and the devs hired in place of the prize money would be moved to different projects within a year or two and we’d ultimately be in a far worse position. If/when AWC goes away it will be a very bad sign for PvP.