Do they? I don't know. People who don't watch them tell me how irrelevant they are, but ok yeah I mean it's sports so if you only do serious things I have tough news about all of this.
The games typically get good ratings and good attendance considering the all-in price to attend frequently includes inflated airfare and hotel. Why people feel the need to diminish that I have no idea, but I actually watch the games and apart from a handful of YOLO play calls sometimes it sure looks to me like the coaches and players are all competing hard to win. I've seen glorified exhibitions like the old NFL pro bowl. College bowl games don't usually look anything like that. Maybe I'm crazy and I know we're supposed to be super cynical and above everything, but I actually enjoy college football and always think more of it is good.