First of all, if you only know how to work hard and get job done, your job is still not safe. Layoff happens every year and regardless of your performance, they will let you go.
Company has no vision. In the past, they considered Amazon as their competitor. But now they consider wayfair is their competitor. Most of the projects are completely visionless and not helping company to be in profit.
Hackathon - They do this to motivate their best talent. However they give price to selected team every year. Same people are in same team. Managers/directors are also participating and of course they just give out price money [which is almost $1k - $3k] to their relatives.
If you have relatives is in management, you will be promoted every 3 to 6 months regardless of your seniority/experience/knowledge. CEO may know about this but he might be helpless about this.