>What would be the level of recognition for a contest when most of the planet is excluded to participate in it?
>
>... not to mention any contest name here nor company name
>
>I mean, what about the winners, will they be really recognized as winners?

I would only consider them being recognized as the best of only the countries eligible for participation, and nothing more. Just like the Major League Baseball World Series winner is only the best of the teams in those Leagues, and not representative of the World.