The series is on the BBC which is Tax Payer funded so no big cash prizes are allowed (unless they're being paid for by someone else), if you watched Bake Off the winner only got a cake stand and some flowers. Also no advertising or sponsorships. I don't understand all of the moaning about it to be honest, I don't think that there needs to be money or grand prizes for the show to be better or more competitive, and half of the prizes on the US versions couldn't be even claimed because of various reasons like the companies going bust. The badges are a reference to a children's TV show here, it's called Blue Peter and basically every kid in the country wanted a Blue Peter badge. The queens themselves have said that they liked the prizes, and they're not too fussed about not winning any money so I don't see an issue with it.
I think that the show has done well in the UK. I hope that next season they just let it be without having to repeatedly explain everything for overseas audiences. They never do that in the American version, so I don't see why they've got to do that here. I'd also get rid of the lipsynchs and make them sing live. I don't think that lipsynching is as popular in the UK as it is in the US, and it's always been the weakest part of the show to me. It's a very American drag thing, and most UK queens and drag acts sing live. I'd also make sure there were some more non-scripted comedy challenges, particularly ones in front of an audience. I think that that would show how the queens are as performers and how they react to audiences.