What is the purpose of beauty pageants in America? (For those that qualify as Miss, 18 to around 26/27)

Is it an economic opportunity for women to have a shot of fame/entrance to high society? Is it an opportunistic chance for men in power to use women? Is it a chance for predators to lure young women into trafficking? Is it a device for young women to build self-confidence and a sense of achievement to be socially mobile?

Would love to hear your thoughts.